Common Mistakes new business owners make

Common Mistakes Business Owners Make

Whether you’ve been in business for decades or you’re just starting up, there are some common mistakes some business owners make. No one is immune. Let’s talk about some of the common issues and how to avoid them!

  1. Failure to plan is planning to fail

So you’ve got this great idea and you just know it’ll be successful. You’re ready to dive right in. You’re going to launch today. Right this minute. Well, wait a second. I bet your idea is great, but skipping the planning stage is setting you up for failure no matter how awesome your idea is. The planning stage will help you validate your business idea, flesh out any details or problems, etc. This goes for new businesses and/or even a new product launch. How viable is it? I’m sure you can think of major brands that failed during a rebrand, product launch, etc. Businesses don’t fail, people fail by not planning.

  1. Don’t sell yourself short

The problem a lot of entrepreneurs face is undervaluing themselves. You face this thing called imposter syndrome. Who are you to charge x amount? Maybe you’re willing to take new clients on at a reduced rate or even for free just to get your name out there. “Do it for the testimonial”- I hear that advice all the time. The problem is that your client will not truly respect what you bring to the table because they don’t have skin in the game. You’ll also resent your client because you’re not charging your worth. Don’t undermine the value you bring to your clients.

  1. Embrace the technology

Way too often business owners are afraid to embrace the technology. I’m looking at you seasoned veteran. You’ve got a system and it works and there’s no point in changing it, right? Wrong. Embrace all that technology has to offer you because it can save you money, time and create a more user-friendly experience for the customer. Just think about it.

  1. People need to know what you’re offering

This is a common issue for business owners. People cannot purchase your goods and services if you are not visible. You need to become best friends with marketing. You already planned and validated your brilliant idea, now stop doing your clients a disservice and share your offer.

  1. The finances

You’ve heard that you have to spend money to make money, right? Well, there’s a balancing act here. You should spend some money to launch your dream business but not so much that it cripples your business down the road. Spend what you need and have that contingency fund available.

  1. You don’t need to be a solopreneur

I’m willing to bet you did not start your business so you could work 80+ hours a week. I’m also willing to bet you’re not an expert in finance, marketing, HR, etc. It’s hard to be an expert in every single area and work those crazy hours and still have a thriving business.  It’s just not feasible. Do not be afraid to outsource. Hire that marketing consultant. Hire an interim CEO. Just get yourself some help and actually enjoy your life and business.

  1. Don’t be afraid to put a ring on it

What I mean here is don’t be afraid of commitment. Building a business is hard. Keeping it thriving for decades is even harder. Do not be afraid of the commitment. Because you’ve planned and validated your ideas, there’s no reason to wait for your business to start leaving Tiffany’s ads around to make the commitment. Commit early and stay faithful. Too many business owners want to quit before the business has had a chance to grow. Things are going to get hard but it’s always worth it.

 

Here’s hoping that moving forward you won’t commit these business mistakes. If the finances are feeling a little wonky these days, be sure to apply for some quick working capital. Don’t be a victim of mistake number five.