Ready to start your own business and enjoy the freedom of being your own boss? Here are the top five most common mistakes startups make. Avoid them to ensure your business longevity.
1) Trying to do it all
There is no denying that starting a business takes hours of thinking, planning, testing and setting up. The sooner you realise you need to find specialists to do the tasks that take up your time and that aren’t your forte the faster you can grow. Cash flow is usually the cause of doing it all but for the best result and to save money int he long run set up thinks correctly from the start.
2) Trying to go it alone
Starting a business is particularly tough if you try to go it alone. Surround yourself with people who can provide support and advice. This allows you to ask about the things you aren’t so fantastic at and gain insights and strategic wins as a result.
3) Failing to do enough research
Typically when people set out to start a business, they’re brimming with excitement and passion, convinced their idea will change the world. Friends and family say positive things. So they spend $5000 putting up a website and find out the hard way that no one is interested. Slow down and talk to the people your business serves. No matter how fantastic your idea is, if it doesn’t solve a problem for your target market, it won’t be sustainable. Business owners need to be flexible and adapt their idea as they go along.
4) Not having a clear vision
Successful business owners will have a clear picture in their heads of where they’re aiming to be one, five or even 10 years down the track. When you know things like how many people you want to serve or how many hours you want to work, this will help you determine which steps will get you there. Many business owners end up working too many hours, not serving the right people and not doing what they’d hoped, all because they didn’t have a vision.
5) Being a perfectionist
Progress not perfection. If you wait to have every facet of your business 100% perfect before launch – you will never launch. That is not to say you half do things but it is important to get your product or service out there to see gauge the market response. Not making a decision is worse than making a bad decision, because you can at least learn from the bad decision. Have a plan and be fluid with that plan. But make decisions as and when they need to be made, rather than circling around.
Exerpt from: Sydney Morning Herald | My Small Business by Denise Moone | January 5, 2015