Everyone loves lists on the Interwebz, and I’m no different. If you can boil simple content down into simple bullet points or numbered lists, kudos.
Here’s a list I found today that may come in handy for other small business owners like me on how NOT to spend your money, especially early on:
- “Bad Advertising – Most new small business owners get bombarded people trying to sell ad space. Do your research and determine if your customer profile matches that of the publishers audience. And don’t commit to long term anything. If they stand behind their product, they should allow you to test it for your business. Chris Sonjeow of LoveBookOnline.com
- Space is the biggest and most common money waster I’ve seen for small businesses / entrepreneurs in my 22 years of business experience. I’ve seen supposedly educated business people and naïve newcomers overpay, overbuild and overspend on buildings, lease, rent storefronts, leasehold improvements, fixtures, and signage. Rich Patterson of PattersonBrands.com
- In many cases I think overstaffing is an area where small businesses or early stage entrepreneurs waste money. Without compromising quality, the owner of a brand new business should try to do as many things on their own as possible and use temporary help or freelancers. Jacqueline Trotta ofMuseumWayPearls.com
- The biggest thing I see small businesses and entrepreneurs spend money on are expensive marketing materials and complicated websites. Creating complicated brochures, logos and websites before the message has evolved sufficiently is a waste of time and money. Bonnie Harris ofWaxMarketing.com
- I’d say entrepreneurs and small businesses overspend on is branding/logos/marketing. While this is important for any business to succeed, the initial focus needs to be on putting together a quality product. Attracting attention to a so-so product will never work. Andrew Schrage of MoneyCrashers.com“
You can see the other 35 tips on this same topic at the original post here.