Starting a business is a big thing. It takes a lot of effort both physical and mental along with the investment of time, money, and resources. There is a huge competition out there. You need to be ahead of all your competitors. But there are some mistakes which can be prevented if you are aware of them. These mistakes can hinder your growth as a business. Various successful entrepreneurs put a huge emphasis on being speedy with decisions and planning, but sometimes speeding things can lead to pitfalls. Let’s talk about things which you could avoid during starting your own business–
- Do Not Invest Too Much Time in Business Planning
Planning is good. It is necessary. It is one of the necessary elements of the backbone of your business. Thinking about it is necessary and can benefit you a lot. But! There is a negative side too which can hinder your growth. Some experts tell entrepreneurs not to waste too much of their precious time in business planning because as you will move further you will have to adapt to things, so plans change too much during startup. Only plan fundamental things like-
- What is your target market?
- Who are the team members?
- Who are advisors?
- Look up Competitors
- What real-life problem you are solving with your product or service
- Explain your strategy in one line
- How much funding you need
- Do Not Be Too Rigid With Your Decisions
There is a saying that stagnant water becomes dirty after a time while running water always remains clear. Apply it to your decision. Don’t be afraid to pivot from your decisions. Look at the market, study it, understand its trends and be flexible with decisions. Do what is good for that time while looking at the future. Some challenges will need out of box thinking and changing of ways so that you can be productive with a little bit of change in your strategy. Don’t let your ego come into the way of changing those things.
- Do Not Become Focused on Being First
IN this superfast digital-ready culture, everyone wants to be the first to crack at something. Whether it’s a new service or tool, everyone wants to be the first business to do so. This is called disrupting the industry. It is good in itself but doesn’t be too much focused on that. Experts caution that often those businesses do good who are aware of the public’s opinion towards new and old services. Gauge out your target audience’s reactions to products or services that are similar to yours and then change your strategy. Maybe you could do something with the service that can enhance the lifestyle of the public so giving you certain leverage.
- Do Not Vary from Paperwork
Yes, we know this is a digital culture. Everything is fast and secure with the computer. But paperwork is necessary. Do some physical paperwork too. Also, do not be afraid to go and consult the help of a lawyer when you are starting a business. A lawyer can help you in many ways while making big decisions. Business is a big thing however small it is. There are going to be legal clauses involved in decisions because it’s monetary. Be clear about what you want and what are the rules and power structure in your business and consult your lawyer about it. There is nothing to be afraid of legal paperwork.
- Do Not Ask for Funding From Everyone
Every business needs money. We understand that. Small plans can be helped with your savings or little help from friends and families. But larger projects? Yes, you may know some investors, but you can’t go to every one of them and ask for money. It is unprofessional. Don’t do it. First, strategize your plan and research about these investors. Nobody is going to invest in your business if they can’t see you generating profit for them. Remember, everyone wants to have a profit. And you need to be clear about a model with actual figures that you can present within a proper format.
- Do Not Compromise with Staff
Business is made of real actual living people. You need to be clear about it. Don’t compromise on your team. Do not be emotional about it. Be practical and hire people who can help your business. You need to be clear about the values and standards that you are trying to get from your employees. After all, these people are going to put their time and values into the products and that is reflected in an overall manner. A business and its services are a reflection of the people working inside that business. Be ethical, be smart and be good with people you hire.