Do you have a great business idea? If so, you're probably itching to get started.
Entrepreneurship has its pitfalls just like any other career. Do you know how to avoid them?
While mistakes can be great learning experiences, it's good practice to try to avoid them in the first place. So what mistakes might you make as a new entrepreneur?
To help you get a successful start, we've created this list. Keep reading to learn about ten mistakes you could make as a new entrepreneur. Learn to avoid them, and you'll be that much more successful.
Are you ready to learn? Let's get going.
1. Not Valuing Your Time
Setting up a business takes effort as well as time. So don't cut yourself short.
Telling others about your business is all fine and dandy, but remember that time is money. The more time you devote to talking about your business, the less time you have for your business.
Find a good balance between spreading the word and building your business. Be careful to not give away your services for free too much. If you're giving advice or doing anything else you plan to charge for, start charging for it.
2. Starting a Second Business
You may have more than one great idea for a business. That doesn't mean you need to start a second business. At least, not yet.
Give your current idea a chance to grow. If you try to build more than one business at the same time, one or both of them will suffer.
If you'd really like to start that second business, let it wait until the time is right. Once your first business can fully operate without you, go ahead and work on the second one.
3. Focusing Too Much on Money
While bringing in money is great, is that really the main reason why you started your business? Don't get so caught up in wanting to earn that you lost sight of why you started in the first place.
Focus on your company and the opportunities it brings you.
What's the most important aspect to you? The extra time you have since you're in charge?
Don't be so focused on income that you neglect certain things or forget to enjoy running your own business.
4. Not Communicating Well
To be a successful business owner you've got to know how to communicate well. That means being able to get your point across clearly and without creating offense.
Communication between yourself and employees is huge. So is communicating with other businesses. Keep a professional attitude at all times-never be disrespectful or too personal.
Poll your employees to see how well they think you get your point across. If you feel like you need help with communication, seeking guidance or taking a class focused on the topic might help.
5. Making Mistakes on Social Media
Your business's social media account is important for marketing and communicating with customers. Be careful what you post on there!
Social media mistakes can have a big impact on your business. Maintain a professional, engaging, inviting presence in all you post and share.
Double check, even triple check, everything you want to share before you post it. Even then, you should think twice before sharing.
6. Trying to Do Everything
If your business will offer multiple services, it may be a better idea to focus on just one or two at first.
For example, a marketing startup may want to focus on building their SEO management at first. Later they can add other services, such as pay-per-click marketing.
Focusing on too many things at first can make it so everything ends up being mediocre. Consider focusing on only a few elements so they get the attention they need.
7. Not Focusing on Your Employees
The best leaders really care about the people they employ. Don't get so caught up in building your business that you forget you're working with real, live people.
The needs of your business are important, but so are your employees. Serve your staff by doing what's best for them and for your company. Offer advancement opportunities, training, and a great work environment.
8. Trying Too Hard to Get Funding
You'll likely need financial help when starting out on your new entrepreneurial adventure. Luckily, there are many investors and financial institutions that will likely be willing to help.
As you search for funding, don't try too hard. Looking desperate never looks good.
9. Trying to Do It All Yourself
While it's your business you're setting up, that doesn't mean it has to be 100% done by you. If you try to do it all yourself, you'll end up burnt out. And your business may suffer too.
Don't be afraid to bring others on board. Find people that are good at what you need done and invite them to join your team. You'll provide opportunities for others while taking some of the load off yourself.
10. Always Telling the Customer That They're Right
You need to take care of your customers, but that doesn't mean they're always right. Honor your customers and be respectful, but acknowledge when they're wrong.
Once your customers catch on that they'll always get what they want, they'll walk all over you. So stand your ground and represent the truth, whether they were right or your employee was.
Finding Success As a New Entrepreneur
As a new entrepreneur, you're likely excited to get going with your new business venture. Excitement is great, but don't let it get the better of you.
It's easy to get too gung-ho when starting a new business, and that can lead to mistakes. Lessen your chance of mistakes by keeping these ten things in mind. Doing so will help your business get off to a smoother start.
Have you started on your business website yet? If not, click here for some inspiration.