7 Mistakes to avoid when your starting a new business

20 Jan

Are you starting a small business, or thinking about starting one? You want to make sure you get it right. We get it, it can be quite overwhelming and what if you fail, or make a mistake?

Here are our top 7 mistakes to avoid when running a small business!

1: Starting a small business that you are not passionate about and what you think will just make you money. You have to value what you do.

2: Failing to prepare properly, by not writing a business plan, organizing your finances and doing your market research. Planning and strategizing how you’re going to run your small business.

3: Not having a unique selling point and just being like everyone else, without a niche. You won’t stand out and without a brand, people won’t buy from you.

4: Expecting your friends and family to be your customer and support you. You will loose people in this journey.

5: Expecting your small business to get up and running and making a profit in a few weeks. It takes 3-5 years to successfully build a brand and a small business on average. Most small business fail in the 1st year, and not many make it past 10 years. Working for yourself is not for the faint of heart.

6: Expecting to set your own hours and having more free time, you will work more than the average person being a small business owner, it’s hard work, but once you have established your brand and are making a profit, you can then set your own work hours and have a better work, life balance. But this can take time for the average business owner (2-3 years)

7: Faling to set goals, making an action plan for them and tracking and monitoring your progress and improving on yourself. Most successful business owners set clear attainable goals, that they actively work on as well as continually track themselves and continually work on improving their small business.

We hope this post gives you the information you need to feel inspired, empowered and educated.

The business parents organization.

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