What to avoid when starting a business
If you’re thinking of starting a business, it can be easy to get caught up in all the things you need to have in order before you even try. You may want to obsess over the checklist of things to do however, it can be hard to know what exactly you should be avoiding.
Going in blind with your business and your audience
It is so important to plan! With a small business, you need to know everything about the market your entering, the industry, and particularly your audience. Knowing your ideal client, and their wants and needs will ensure that the service you’re offering them is in line with their own requirements.
Not having goals
Before you start a business, you should have a clear idea of where you want to be in three months, six months, and even 12 months. This isn’t to say you can’t change these goals in the future, as nothing is set in stone. If you’re keeping track of your goals and keeping yourself accountable for them, your business is more likely to flourish earlier.
Overspending or underspending
It’s easy to get swept up on spending money on things you don’t need. Being excited about a business and wanting the best things money can buy for it isn’t necessarily a bad thing – though being able to distinguish between the ‘want to have’ and ‘need to have’ items early on can ensure you’re not blowing the budget too soon. The same can be said for underspending with new businesses too! Particularly in the first few months, before any return on investment kicks in, it can be second nature to want to hold onto your pennies. This can be detrimental to the business as some expenses are necessary when first kicking off.
Not knowing how to delegate
Particularly at the beginning, it can become second nature to try and handle all aspects of the business at once. Being a jack of all trades for your business though can mean that you drop the ball in areas that need attention, because you’re too busy to do it properly. By delegating tasks effectively to another team member, or even a Virtual Assistant can be one of the best ways to build your business effectively.
Avoiding the things you don’t understand
Small business owners usually jump into the industry they know and love, and just want to focus on doing the tasks they enjoy and understand. However, being a small business owner means adopting things quickly and staying ahead of change – even when it doesn’t fall under the umbrella of their chosen field. Things like social media, marketing, and advances in technology can be intimidating to adopt, but will make all the difference if you learn extra avenues to grow your business. If you really don’t want to learn, outsourcing those aspects will ensure you still stay ahead of the pack, even if you’re not doing it all yourself!