New Businesses: The Most Common MistakesJuly 28 2016, 1 Comment
For those who start a new business venture, it is an exciting but challenging time. Your business and you as a person will be tested constantly as you find your feet whilst trying to break into your new sector. During that time, often newcomers make a series of mistakes due to lack of experiences, which can have financial implications as well as negative efforts on your confidence. So to help you avoid those dreaded mistakes, read our list below!
Research & Planning
Research and preparing for what is ahead is an important task. Starting any new business requires the gathering of feedback, advice, and information that can help mould the future of your business. As crucial as this is, you’ll quickly find out that despite mass amounts of planning, everything changes once you begin your work. As a result, people spend way too much time researching initially, which essentially just wastes time that could be spent putting plans into motion.
Don’t fall prey to this by setting strict deadlines that you must stick to. It could be a product launch or a website creation but whatever it is, introducing a set goal will help you make decisions quicker. Not every choice you make will be right first time but you will learn a whole lot quicker by trying things out rather than just reading and planning.
Being A Perfectionist
Again, another aspect of time wasting, by trying to get everything perfect means you’ll take time from perfecting your core product. You need to prioritise and think what needs the most time. There’s no point taking ages to decide on a website font when you need to be working on your product or pricing plan.
Craving Pointless Sales
Small start-ups, for the most part, get their company off of the ground using their own cash. This then means that making the money back becomes an obsession in the early days in order to recoup their investment. As a result, making money becomes stressful and it forces them into offering services outside of their remit in order to generate revenue and pay bills. By changing your services and company’s model to meet a sale only wastes your time, the quality of your service and your focus as you’ll stretch your resources and capabilities.
You need to be strict about what you can offer and have the confidence that the sales will come.
Being Too Close to Be Subjective
Sometimes a new business can overestimate the market that they’re going into. They may pride their product or service at a high rate when in reality, it’s not worth that price and your competitors are selling it for a lot cheaper. Despite how much belief and pride you have in your products, being too emotionally attention to your goods or service can restrict early growth. Now we’re not saying undervalue your product. We are however saying that is key to being subjective and understand that consumers may not see what you do. Study your market and tailor your packages, which allows clients or customers the opportunity to experience your goods whilst you still get paid. You can then use your relationship to upsell on your deals once you’ve shown what you can do and how well your product performs.