3 big mistakes I made in early businesses.....and how to avoid them

Starting a business can be exceptionally exciting but also daunting. The dreams you have that are finally coming to fruition, the anticipation of what will be, and what you will achieve and the fun and elation you feel?from developing something new. Shaping your own destiny, being a master of your own enterprise, there’s nothing quite like it. But also knowing the success or failure of it stops with you. If you have previously always worked for someone else,?sometimes this responsibility can be overwhelming.

Mistake #1 Doing everything yourself

When I started one of my early businesses, in my twenties, I thought I could do everything myself. I wanted to reduce costs and I thought I was being very wise by saving money and wearing many hats so I did everything myself! I created the product designed the product, marketed the product and sold the product. To the extent that I was exhausted, and I was limited to only a certain amount of growth.

The majority of people who start their own business don’t have the resources to pay someone else to assist them in the early days. Doing it alone is sustainable but only for a short while,?in order to grow, at some point, you will need to out-source or employ. There will likely not feel like?a “right” time to employ someone early on. But you really do have to speculate in order to accumulate. It’s essential to enlist others to do the things you’re not so good at so you can grow. Freeing up time for you to build the business, not just run it. Otherwise you are just holding yourself and your business back. The investment is essential and totally worth it.

Mistake #2 Not following the roadmap

Before you leave the house to travel to a destination, you enter the address into the navigation system, it shows you the road, you know where you’re going and how you’re going to get there. Business is exactly the same, how can you plan, build and grow if you don’t know your route. It’s imperative that you have a map of where your business is going and a plan on how you will get there. I see far too many entrepreneurs with a vision of how the business will look when they open, right down not the most minute details... the packaging the uniforms and even the wallpaper!... however they have no clear plan of financially what that business will look like in 2-3 years time. Of course plans can change along the way, but unless you have an initial framework to work to, how will you know whether you are on or off track?.

Mistake #3 Employing the wrong people

When I did eventually start to employ people, after reaching burnout. I picked some really bad ones! I had a feeling that I couldn’t employ anyone who knew more than me, because I was the boss. This was a big mistake and purely a direct reflection of my lack of confidence in my own ability as a boss and my fear of being able to lead effectively. When hiring you are looking for people who are experts in all the things you can’t do. They are there to work with you, to enhance the team, not take away from it and to support you and your business. Don’t be afraid to employ people who are better than you at the job you require, they will be worth their weight in gold and an incredible asset to your business, plus they will always teach you something new.

Does the thought of being wholly responsible for your income excite you or fill you with dread?

Do you have a plan on what your first year of business looks like on paper?

Have you an idea what your team will look like when you open the doors to your new business?

For help and advice on any of these things contact me for 1-2-1 business mentoring sessions, where I help passionate entrepreneurs put together business plans and offer advice and support in those early days in business.

Get in touch if this could add value to your business…https://www.saraparsonscoaching.com/l-e-t-s-t-a-l-k

For more insights into business fails and wins, follow my new #blog

https://www.saraparsonscoaching.com/b-l-o-g

Don’t suffer the overwhelm alone, starting a new enterprise should be enjoyable and exciting, so set yourself up for the best possible chance of success.

Empower, inspire and live with passion!