Here are a few common mistakes when starting a new business
Starting up a new business can often be hard work with things like creating a business plan, finding business premises, advertising, employees and of course raising finance.
Have a Clear Business Model
To help your business succeed it is important to have a clear business model and understand exactly what they are about and make sure you are very clear on how to go about operating. Having a vague operating model and thinking you can adapt as you go is often a mistake.
Researching & Market Testing
Don’t make assumptions about what you potential customers want. If you build a business on an unproven and understood market you may come have problems down the line. The key is to launch even if it’s not the final product or service so you can test the market and collect customer feedback.
Finance & Investors
If you take funding from people or companies who don’t share your values, it can be difficult to retain integrity and stick to your mission.
Being Afraid to Delegate
Being an entrepreneur is a really tough job, much more than being a manager. The ability to truly delegate when an organisation reaches a certain size is the toughest challenge for someone who has built a business from scratch, considering the emotional element often associated with it.
Failing to recruit the right people for the job
Businesses often compromise on their team. It sadly becomes a self-fulfilling prophecy as subsequently they will only be able to continue attracting mediocre people. The best people typically only want to work with the best people.
Don’t believe business success will happens overnight
You have to understand and acknowledge at the start of a business that it is a long-term thing. The businesses that we hear about making millions overnight in there first few months of trading are an exceptions to the rule.
Don’t let work take over
When running a business you should watch out for overloading yourself. Before you know it you will be working around the clock and this will affect your health whoever you think you are. Starting up and growing your own business comes with great responsibility and takes time, effort and commitment. You must remember there is more to life than just working.