One of the greatest motivations for starting your own business is independence. It can also be your greatest challenge. No one to answer to except for your commitments to get a new business off the ground. You may be the sole decision-maker. What many new business owners may underestimate is the pressure of so many competing demands. These can leave you open to making silly mistakes or missing valuable opportunities. This can set you back and even put you on the road to failure.
There is no one foolproof way to start a business. You cannot expect instant success. It does not work that way. It takes long hours of hard work, planning, and worry to make a living. But, there are some simple, common mistakes every new business owner needs to know to avoid making poor decisions. Here are the most common mistakes every new business owner can make.
Failing to plan
While planning may be boring. It is a wise person that invests their time in researching and writing a good business plan for a new business. Things like market research and where your idea fits into the marketplace are important things to know. At a minimum, you need financial, marketing, and business plans.
Assess strengths and weaknesses
Assess your strengths and weaknesses. Just because you are a business owner you do not have to be good at everything. While you are ultimately responsible for it all, understanding your strengths and weaknesses will let you know where you need help from the beginning.
Hire the right people
When your business grows too big for you to handle alone, be prepared to hire the right people to tackle the tasks you no longer have time for or are among your weakest strengths. You can outsource work on an as needs basis or hire casual, part or full-time staff. Having the right support is crucial to success.
But, beware, avoid the trap of hiring friends and family unless they have the skills to do the job. Hire people who will help move your business forward.
Get good accounting software
Keep up with your business accounting with quick, easy to learn software like Colibri. It allows you to keep up with your accounts from wherever you are. Set up your financial records, generate invoices and final accounts, and VAT and management reports on demand. Whether at work, home or travelling the road, you can access your files from Colibri.
Avoid selling yourself short
Too often in service-based businesses, new business people undervalue the worth of their services. Sometimes this can be a failure to research the market or to get more business coming through the door. Doing this you may price yourself right out of business. Putting prices up is not always easy. Sure, everyone likes to get value for money. But, if potential customers view your services as too cheap they may think you are not as good as your competitors.
Consider this advice when you first start your own business and it will help set you up for the long term.