Starting a business is never easy, and with a lot of startups failing, it can be rather intimidating to put yourself out there with a new business. Going into your business venture with an open mind, can-do attitude, and avoiding these five mistakes may help your startup be one that succeeds.
1. Playing With Money Not Easily Replaced
Startups need money, and that is not always something that is easy to come by depending on what you are working with for your startup. It may be tempting to dip into your retirement fund or ask a more established family member to do the same to get that influx of cash to get your business starting off strong without a loan from the bank, but remember that this money is not easily replaced. If something goes wrong with your new business venture, and it ends up being one of the nine that fail, you will end up feeling terrible that you lost your retirement money, or even worse, that you lost a beloved family member’s money.
Of course, your family believes in you and your business vision, but let them show you how much they do in a different way. If you are having a hard time securing a business loan on your own, talk with an expert on ways that you can better your chances of getting a loan.
2. Rushing Your Timeline
Rushing your timeline can be a horrible thing to do to yourself. A huge mistake can be creating this huge grand opening event and then finding out that you didn’t give yourself enough time to get your business ready to open by that date. You should create a timeline that allows you to have a ten-day buffer for those last minute problems that can pop up before your big event. You will thank yourself for this extra time as you won’t be forced to work 24/7 to get the event ready and feel like a zombie during what should be a big milestone in your life.
3. Not Creating A Thorough Business Plan
Writing a great business plan is not most people’s idea of a good time. It can be hard, but it is very necessary. Your business plan should be your Bible when it comes to your business. It should be able to answer every question that comes up from investors and banks. This doesn’t mean that you should treat your business plan as if it is set in stone as you may need to make adjustments as time goes by, but it should be complete and well-thought out.
4. Customer Isn’t Always Right
This one may seem counter-intuitive as we live in a time when customer service is the ultimate make or break topic today. It can boost your company up with some glowing testimonials on your website and social media, or it can blow up in your face with the possibility of negative publicity. So, this mistake is not about your customer service itself, but in the way that you structure your business. Do not think about what the customer exactly wants when it comes times to plan your policies and procedures, but think instead about what is right for your business and what works best for your customers only after considering your business first. Customers are always going to want that extra mile but don’t sacrifice your new business trying to always please everyone at all times. You could give away free doodads to all customers for the first week, and still possibly get people that are upset about something with your free doodad.
5. Overestimating Your Business Experience
You may have some great experience under your belt when it comes time to get your startup going, but it can be easy to overestimate how your current experience will translate to being the owner. You may know everything about a business when it comes to the day to day operations of it, but you may not completely understand the ins and the outs of owning a business. Your knowledge will be a big help, but you may want to consider getting some additional help for being the boss with some management books or classes before you start.
Live and learn. These words are great for repeating to children and teens who are starting to learn how life can be, but they are also pretty accurate for a budding business owner. In this case, these five mistakes are something that you can learn from without making them yourself and will clear the path for other mistakes that you may make along the road. Remember, it’s not really the mistake that will cause the biggest issues in life, but how you react and deal with the mistakes. And, remembering to not repeat it in the future, of course.
For more business tips to get you off to the best start, contact the experts at Grow Digital Marketing!