Starting and running a business is challenging, no matter what you’re doing or where you start. Unfortunately, major mistakes can start taking form before you even take your first client or customer. I recommend getting some vital information before you open your doors. Let’s talk about some common new business mistakes and how to avoid them.
Lack of Research or Knowledge
A new business is like a newborn baby. I don’t think any new mom would want to head into child rearing without, at least, possessing some basic skills and knowledge. Newborns are vulnerable and need a lot of attention. And, like a little bundle of joy, a new business will try your patience, energy levels, and finances.
To give your fledgling a chance, research and skill development are a must. You have to know what you’re doing and when to do it. And, yes, you’re going to make some mistakes no matter how smart or developed you are. The point is to minimize those mess-ups as much as possible. You do that by understanding your goals and taking wise steps toward them.
Another way to bring clarity and success to your new business is to hire a coach or firm to help you with the setup. This is a perfect way to get through growing pains with confidence and understanding. Search online companies that offer help for new businesses like Your Company Formations website here.
Not Giving Enough Time and Attention
Speaking of a newborn needing attention…what would happen if you decided to feed your baby half of the time? Not such a healthy baby, right? Well, don’t ignore your business. It needs you, especially in the beginning. There will be plenty of time for delegation and taking a break once things get moving consistently. You are the key to your success. This is your dream and “baby” that will thrive when you thrive in it. Create your working plan each and every week or month, so you know exactly what time and energy is needed to move forward.
It’s Not a Real Business
One of the things I see a lot is women who say they have a “real” business but really are more in the “hobby” realm. They love their hobby so much that they want to do it all the time. And even if they might sell something to their neighbor or sign up their cousin as a “practice” client, they don’t make any money.
The bottom line is, If you aren’t bringing money in, you don’t have a business. Understand that you can operate a business that is not profitable in the beginning. This is common and doesn’t mean it’s not real. This just means that it isn’t at the profitable point yet. What I’m talking about is fooling yourself into believing that just because you have a website and an idea doesn’t mean you have a business. I know because I did this for years.
It’s important to understand what your mission is and why you want to do a particular business. Without a solid “why”, you won’t succeed. With that, it’s also important to take steps to develop your mission with time and financial investment. Yes, you are going to spend some money to make money. If this scares you, you’re on the right path. It should scare you to a solid decision. Do you want this or not?
Not Setting Goals
You know that setting goals is one of the most important things you can ever do, right? Why is it so important? For one, if you don’t know where you want to go, how do you expect to get there? I hope that you wouldn’t take off on a trip without knowing where you’re going or, at least, having a general idea. Goals are tricky, they can be one thing to start out and be completely different down the road. This is because we grow, we change, and
we have different needs. As an owner, it’s you who steers the ship.
Not Leading Customers and Clients
Think about your specific business “ship”. What do you want? Where do you want to lead your customers and clients? What do you want them to do? If you want them to share your page, have you asked them to do so? I know we want to believe that everyone just gets our business and our goals without instruction, but this isn’t the case. People need help and guidance. They simply don’t know what to do most of the time. It’s a HUGE mistake to not show them or tell them what you want and need them to do.
Not Separating Business from Personal
One thing that helps you to establish your business is separating it from your personal life. This means having a separate bank account, phone number, email, and physical address. Though you can do some of it for free, there will be some minor investment to develop your business structure in this area. It helps to do some research about what is expected and available. Things like email collection, business websites, 1300 numbers availability, and finances are all details I recommend looking at. Treat your business as a business by giving it what it needs to survive and thrive. If you see that the line is blurred between your personal and professional life, reevaluate and change it.