The five common mistakes made by start-ups
To run a successful start-up, you will obviously need to know what it is that will make you successful, but you will also need to know what hinders you.
Mistakes are inevitable, especially when it comes to running a business, so it’s important to understand what the most common are, so they don’t lead to the downfall of your company.
Sometimes, all it takes is one wrong move, and you could destroy something that’s not even been built yet. To help you avoid these pitfalls, here are five of the most common mistakes you can make as a start-up.
1) You fail to plan
You know the old saying? Fail to prepare, prepare to fail. Emphasis on the word old because this phrase seems to have been passed around from generation to generation and yet still remains as relevant as ever. You need to ensure before you do anything else that you create a real plan for your business, rather than simply going with the flow. To grow, your business will need direction, and a plan will provide that for you.
2) You don’t set SMART goals
What does SMART stand for? Specific, measurable, achievable, relevant, and time-based. When you are making your plan and setting yourself goals, you need to make sure that they are SMART instead of something generic such as “make a profit.”
3) You overpay for things
There are many outgoings when you first set up a small business, so you must ensure you don’t overpay for anything. This could happen in a whole manner of different ways.
For instance, take utilities; whether you are renting an office or retail space, you will need to pay for utilities, so are you making sure when doing so that you’re getting the best deal? Make sure you check out price comparison websites such as Business Water Quotes to check that the amount you’re paying is both fair and reasonable.
4) You don’t ask for help
If starting a business is a new venture for you, then, of course, you’re going to need to ask for help at some point along the way. Many people are under the impression that when they start a business, they are going it alone, but the opposite is the case.
There will be plenty of people out there who have been in a similar position to you so go to networking events, follow social media groups and have a Google and get the answers to any of the niggling questions that might be getting to you.
5) You don’t properly market
Marketing is one of the most important things your business is going to have to do. No matter how great your product is, it will only sell if people know that you are selling it, and now given how saturated the internet is with content, merely putting it out there isn’t enough anymore.
Marketing doesn’t need to be expensive; all you need to do is take to social media and try to build up a following. It’s all about being creative and putting in the necessary work to get people talking.