Starting a small business is an exciting but challenging opportunity. And it's a lot of hard work.
There are many things to consider before taking the leap, and you'll need to plan for unexpected obstacles along the way. The good news is that if you're careful about how you set up your company from the start, there's a lot less chance of making mistakes down the road.
Here are some of the most common mistakes new small business owners make. By avoiding them, you'll have more time for what really matters - building your dream company and making it grow!
● Not having a clear vision for the future. Entrepreneurs tend to be very action-oriented and want to jump straight into doing business. But if you don't have an adequate business plan and marketing strategy in place, it's likely that you won't be prepared for anything that might come up. Proper planning is an easy way to ensure success and that you're not hit with unexpected costs.
● Hiring the cheapest freelancers. When you're starting out and every penny counts, it can seem extravagant to invest in professional help. But some elements will be part of your image for a long time, such as your logo design, branding, web page, or the interior design of your shop. Ensure that for any elements that impact your brand image and how customers perceive you, you spend enough money to ensure you are getting an experienced and qualified professional who will deliver good results.
● Not hiring consultants. Some elements of setting up a business can be highly technical, such as the choice of what business structure is the best for your company. If you're out of your depth on some of the complex issues, such as whether an LLC or a sole proprietorship is best for you, get expert advice. For example, click here to learn more about the rules of setting up a Florida LLC.
● Not being open to feedback. Creating a business from scratch can be a source of pride. But don't be so proud that you're not open to feedback, as all your hard work will not amount to much if you’ve missed an issue that is negatively impacting your customers.
● Putting all your eggs in one basket. Whether it's one customer, supplier, or product, if all your success is tied to one thing or person, you lose all your business freedom. You don't want to put in all your hard work just to be dependent on someone else for your success. So make sure you work on diversifying and developing different options and exit strategies as soon as you can.
● Taking on too much risk. Not having any savings or lacking adequate insurance coverage for risk management and business interruption events can kill your business before you even start. So look into insurance policies for fire, theft, vandalism, flood damage, etc., and see what you need to protect your business.
● Not being open to learning. As an entrepreneur, it's sure that you have many skills to offer. But that doesn't mean that you can't learn anything new. With all of the great online learning options available today, you can easily and cheaply get relevant business skills to take your business to the next level.
So now that you know what mistakes to avoid, what are you waiting for? Get out there and make your small business a reality!
Optimize your business with full-service digital marketing services from The Brand Castle. Call (954) 580-5970 to schedule a consultation!