Running a new business is not for the faint of heart — that's even more true if it's your first time! You need to be one tough cookie to survive the uncertainty, stress and worry that seem to be built into the job. Add in the long hours and hard work and OMG... it's exhausting! And confusing, since most new business owners don't know what they're doing half the time. At least, that's how I and many of my friends who own businesses felt in the beginning. Even if you're actually doing a good job, you never really know if you are. You haven't yet figured out what mistakes to avoid, so you don't even know if you're making them. Sounds fun, doesn't it?
Knowing if you've done well is one of those things that you figure out in time, once you have some perspective. Maybe a few years later, you'll look back and realize that you weren't so clueless after all. Go you! Or maybe you'll have the opposite experience and find yourself wondering how in the hell you kept it together and didn't run your business into the ground in its first year. If that's the case, go you! (Meaning, congrats for surviving!) Anyway, like I said, it's all pretty darn confusing. So here are some suggestions to help you make your rookie year in business a little less rookie-like.
Small Biz Mistakes To Avoid From The Get Go!
No goals, no plans, no go.
Not setting specific goals and not having a solid business plan are two ways to pretty much guarantee failure. The planning stage is crucial to launching any business. It's definitely not always the fun part — that's why it's called homework — but it must be done. So do it!
Don't assume your plans are failsafe.
Speaking of failure, you're bound to have some fails and setbacks. Included in your planning should be a fallback strategy or plan B that you can jump to when things don't go as you hope. This will help you recover or course-correct faster.
Get professional help!
To make sure you don't run into any legal or financial snafus, get professional advice on legal matters, accounting, taxes, etc. — all the things that need to be set up, filed and managed in particular when registering and running a business. Taking care of these details properly up front can save you a ton of headaches (and money!) later.
Mistakes To Avoid Once You're Up & Running
You can't do it all.
One mistake new entrepreneurs make is trying to do too much themselves. Let me just tell you right now that you can't do everything. You just can't. So don't even try! Hire out some of the basics (bookkeeping for example) if you can. Remember, business ownership is a marathon, not a sprint. Pace yourself accordingly!
Keep your friends in the friend zone.
Working with your BFFs might sound like a great idea. You've known each other forever, you can be honest, you trust each other... and on and on. Dreamy right? WRONG! Don't do it people. If you want your friendships to last — and your business, too — don't mix friendship and business. Running a business is complicated, messy, not always conducive to maintaining harmonious personal relationships. You're much better off working with business partners than pals.
Just say NO!
Another big mistake many first-time business owners make is spending too much money too soon. Snazzy office digs are nice, but not essential. Same for all kinds of amenities that you'd enjoy, but don't require. If there's equipment you need, maybe it makes more sense to lease in the beginning rather than buy. When it comes to hiring, consider if you can get by with part-time help until you see how things are going.
For more tips on running a successful small business, take a look at this past blog. It was sound advice a few years ago... and it still is today!
Be Oh So Quotable This Week!
In addition to avoiding rookie mistakes, do you want to eliminate frustration and increase cash? Discover 8 simple ideas to get clients, identify the three types of clients and create your sales system. Get Our Top 5 Strategies right here for FREE!
I always say running a business means the work never ends! Ain't that the truth? I bet your to-do list is a mile long! Make sure that the items at the top of your list are the things that relate to being more profitable. Everyone is so proud of being so "busy"...But Are You Making Any Money? Don't be too busy to focus!
Check out the summary of last week's business tips and motivational quotes from my Instagram page which you hopefully got to see in real time! If not, let's make sure we're following each other on Instagram!! So...here is this week's roundup of Instagram images of My Top Business Tips and Motivational Quotes.
Mistakes To Avoid – Tip #1:
"Good things come to people who wait, but better things come to those who go out and get them." – Walt Disney
Mistakes To Avoid – Tip #2:
"You do not find the happy life. You make it." – Camilla Eyring Kimball
Mistakes To Avoid – Tip #3:
"Until you value yourself, you will not value your time. Until you value your time, you will not do anything with it." – M. Scott Peck
Mistakes To Avoid – Tip #4:
"My philosophy is that not only are you responsible for your life, but doing the best at this moment puts you in the best place for the next moment." – Oprah Winfrey
Mistakes To Avoid – Tip #5:
"Successful people understand that you don’t need to make things complicated." – Anne McKevitt
Let's talk! I'd love to hear your top 3 mistakes to avoid!
Can you help a rookie out? What are the most important mistakes to avoid for a new entrepreneur? I would LOVE to hear from you! Anyhoo...I publish these business tips and motivational quotes to get you fired up for your work week!
Oh by the way, in case you're looking for something to help with time management, we've got this fun little quiz to test your productivity. Are you a Vodka & Red Bull? A Dirty Dirty? Or a plucky Blue Sapphire? Find out which cocktail you are by taking our quiz right now!
P.S. Of course that's not all we've got! Searching for more tips about running a business?
Then definitely take a look at these:
I'd love to hear your ideas! So please comment below and then SHARE!
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