Small Biz Bee: 10 Early Signs Your Business is Heading for Danger, and How to Avoid It

Today is the fourth part of our four part series in response to a reader’s question. If you missed part 1, 2, or 3, you can catch up here, here, and here.

We’ve talked a lot this week about taking that first step and starting your own business, and some things you can do as you prepare to launch your new business venture.

Part of the question that sparked this series was “Are there early warning signs that things could go wrong”. Here are ten that I can speak to from first hand experience, you probably have others – drop’em in the comments section so we can all learn something.

10 Early Signs Your Business Venture is Heading for Danger

Sign #1 You don’t know you unique selling proposition (USP)
If you’re starting up, or have already opened your doors for business, and you still don’t know what your USP is you’re in trouble. I can’t stress enough how important it is to know what makes you different, and why people should buy from you instead of a competitor, going into the venture.

Fix:
Spend time up front addressing what your USP is, before you launch. Analyze your market, analyze your competitors, and figure out where you can fill holes or gaps in what they do.
Don’t open your doors for business until you can tell me in a sentence why I should buy from you and not your competitor. Your USP can change over time, but those changes should be strengthening it, not defining it. (more)