Quitting that shitty 9 to 5 job to open your own business is the bravest decision you can ever make. Being an entrepreneur doesn’t only give you more financial opportunities, but it comes with a sense of freedom.
There are lots of benefits associated with owning a business. Unfortunately, more than half of new businesses don’t reach their fifth anniversary.
The journey of becoming a successful entrepreneur is full of challenges and obstacles. When I started my first business, I made many mistakes that had severe consequences. If you have just launched a startup, you don’t have to go through a similar experience. Below is an up-close and candid review of some common mistakes you need to avoid if you want to achieve longevity as an entrepreneur.
Common Mistakes New Business Owners Make
1. Doing Everything by Yourself
As the owner of the idea, you may assume that no one else can run this business better than you. Though true to some extent, this narrative is often unrealistic. It’s impossible to run every aspect of your business alone.
Never hesitate to call in the professionals whenever possible. If you are too busy to handle a certain project, feel free to outsource. Or, if you lack a certain skill, hire an expert. Utilizing the assistance of others goes a long way in ensuring everything proceeds smoothly. It also minimizes burnout.
Maintaining relationships with people who play a pivotal role in your daily operations is highly recommended. For instance, if you are running an eCommerce store, you need to work closely with a web designer who will ensure your platform is always working correctly. This approach will save you from numerous headaches in the future.
2. Overlooking the Benefits of Marketing
If you don’t give a damn about marketing, you can kiss your business goodbye. There are entrepreneurs out there with crappy business plans and ideas. But due to their marketing efforts, they have raked thousands of dollars in profits.
In today’s competitive business environment, you need a solid marketing plan if you want to succeed. Marketing doesn’t only bring you genuine leads, but it also sets you apart from your competitors.
Therefore, as you make plans for your business, come up with a marketing strategy. If you have no idea where to start, you can always hire a marketing agency to create and execute campaigns for your brand.
3. Not Taking Time to Learn about Your Customers
This is a common mistake that I made in my earlier days as an entrepreneur. Most of my focus went to the products or services I was selling instead of my clients.
People only buy things that bring them value. Therefore, no matter how awesome you think your products or services are, it won’t mean shit if they don’t offer any benefits to potential buyers.
Take the time to learn about your clients and find out what they like. This approach lets you tweak your products or services and make them more valuable to clients. One key thing I have learned is that your business needs to be tailored toward helping people and not vice versa.
4. Too Much Planning
I get it that you want every decision to be made after in-depth analysis and research. But sometimes, you just have to say f*ck it. One of the key qualities of an entrepreneur is being a risk-taker. If you focus much on planning, you will never get anything done.
Always strive to make plans that would lead to quick decisions. If you find yourself stuck, ask for help from other professionals or colleagues. When it comes to running a successful business, you always have to keep on going.
5. Ignoring the Finances
Never ignore your finances at all costs. Because one wrong move can send you back to step one. One lesson I learned the hard way is that you shouldn’t mix your business with your personal finances. Separate these two and keep a close eye on expenditures.
During the first few months, your expenditure can be higher than profits because you’re just getting started. But if it’s still that way after a year, you need to cut down costs.
6. Being Impatient
Some days, things won’t go your way. And on other days, you can make lots of sales. That’s how business works. Don’t expect it to be a smooth journey. All you need to do is give it your all and trust in the process. As long as you work hard, everything will eventually work out. Be patient and give it time. Don’t be afraid to make amends to your business plan or strategies.
Running a business is a lucrative career, but mistakes can slow your progress. You need to learn how to be your own self-critic and always trust your gut. If you need guidance or tips on running a successful business, you can always reach out for professional advice.
I launched my first startup when I was 17. Years later, I have three successful businesses in various niches. You can definitely learn a thing or two from my vast experience. Hit me up today, and let’s talk about how to steer your business in the right direction.