In the first few months when you start a business, you will feel like a whole new person. Entrepreneurship is something that you have from birth, and so you can’t fake it. If running a business is the right step for you, it will feel right. The first year is a tricky time for a new business. This period is when most people make their biggest business mistakes. If you can’t afford to get things wrong, you need to keep a tight check on your company. Learn from other people’s mistakes. Here are six stupid mistakes that you must learn to avoid.
- Failing to research your product
When you bring a new product to the market, you need to know all there is to know about it. If you fail to research your product, you will never succeed when you take it to market. You can make many embarrassing mistakes when you don’t know your stuff. When you meet people, you are hoping to make a great impression on them. If they spot a hole in your knowledge, you will lose their trust.
- Spending loads on a marketing campaign
If you have a tight budget, the last thing you want to do is waste money on a huge marketing campaign. You can do much of your marketing in your office, and so there is no need to outsource it. Many marketing companies will have you believe that they hold the secret to success, but they don’t. You do. You have control over the success of your business. You can spread marketing duties out among your team. If you hire creative, forward-thinking people, you will find that they can help to market your business.
- Creating a negative workplace
The workplace you create when you first start your business will have a huge impact on how your company develops. You need to make sure that you create a space in which people feel comfortable to work. When people don’t feel comfortable in their work environment, they tend to slack. Make sure that you use an external company who specialize in fitting out office spaces. Search for office fit-out London companies who can help you with your workplace interior.
- Overspending and ignoring your budget
Your budget is there for a reason. Sometimes excitable people overspend when creating their first company. It’s easy to spend more than you can afford if you fail to maintain your books. Budgeting is a vital and integral part of running a business. You need to make sure that you stick to your budget at all times.
- Underestimating time and cost restraints
Whilst we’re on the subject of budgeting, let’s talk about something that every business person does. When you estimate how long a project will take and how much it will cost, you need to overestimate. It is better to give something too much time than to not give it enough time. When you are calculating things, always add on an extra 10%. Give yourself 10% more time and 10% more money for each minor project. If you stick to that rule, you will always reach your goals.
- Thinking it will be easy
And finally, the biggest mistake you can make when you start a business is thinking that it will be easy. You need more than sheer passion if you want to conquer the business world. You have already shown that you have some passion by taking the first steps in starting a company. Now, you have to show that you can work hard. Never lose sight of your goals and work through all your problems. If you strive for greatness, you will eventually achieve it.
Image: Josh Janssen