Common Mistakes made during the Start-up Process of a Business
Making mistakes as a start-up business is common, and you’ll no doubt want to avoid making as many as possible so you can focus on getting your business off the ground and becoming successful.
Here are some of the most common mistakes that start-ups make so hopefully you can familiarise yourself with them to avoid making them as best as you can.
Attempting to go it alone
You are extremely unlikely to build a successful business from scratch all by yourself with little to no outside help. Going it alone can also hinder the success of your business as you will only have one viewpoint to work with, and recruiting the help of others can open you up to a whole world of new thinking.
…Or working with too many people
That being said, working with too many people can have the adverse affect, as there will be lots of different opinions, some of which are likely to clash. Working with too many of your friends or family members can also sometimes be a bit of a mistake too as when it comes to business, you may not get along as well as you do when it comes to just going to the pub, for example.
Not investing in good marketing
It’s advised by a number of top businesses that over a third of your yearly profits should go into your company’s marketing schemes. If you’re not marketing your business on and offline, you are missing out on getting your word out there which will be a huge mistake. Not investing in good equipment from the beginning can also leave you falling short. Check out sites like www.fujixerox.com.au which are really reputable when it comes to supply offices with equipment, for example.
Not getting help with finances
You may have the best business idea and plan, but if you’re not great with numbers and cash, you’ll need someone to maybe take over that side of the business for you. If you attempt to do the finances and accounts yourself with little or no experience or understanding, it’s likely that you’ll soon find yourself in a bit of an expensive mess.
Not listening to attempting to understand your audience
Even as a start-up business, you’ll need to get to know your audience else you’ll be missing out on what you can do to help them. Conduct research as early on as possible and regularly so that you understand your audience well and what they want and need from you and your products/services.
Not preparing for a change in lifestyle
Starting a business can be tough on many aspects of your life as it is obviously a pretty consuming venture that will need so much of your time. Not preparing for this dramatic change in lifestyle – long hours, no holiday in the beginning and not very much spare money, for example – can leave you with a bit of a nasty shock as things develop.