Starting a new business venture can be a very exciting time. But I can tell you as someone who has been in the marketing agency side of the business for over 11 years I have seen start-up entrepreneurs make the same mistakes over and over...And these mistakes can be costly and detrimental to business growth.
In this article, I am going to outline the 5 most common mistakes that new business owners make and why they are so important to avoid.
When you're starting a business, it's important to know what your personal and business values are. I know this is not on the top of business priorities HOWEVER if you set goals and take clients that do not align with your values you will be the miserable and worst case you will totally fail over and over again.
For example, if you value family time and your business goals do not reflect that then you will be working all the time and never see your family. OR worse yet, you will work really hard for a few years and then burn out because you're not living in line with your personal values.
It is important that before you start setting goals you get clear on your values. This will help you to stay focused and driven as you move forward. Not taking this simple and crucial step is one of the biggest mistakes new businesses make.
Along with understanding your personal and business values, it's also important to set goals that reflect them. This means that if you value family time, you'll want to set goals around how much time you want to dedicate to your business each week or month. If you have a service-based business, setting goals around customer satisfaction and retention is key. If you do not value money (trust me everything thinks they do until they do a values elicitation with a qualified coach), then you will not do well with a goal to make a specific amount of money.
The point is, make sure that your goals reflect what you truly value or you will not be as motivated to achieve them.
Once you have understood and set your personal and business values and goals, it's time to put together a strategy that supports them. This means looking at what marketing and sales tactics will help you achieve your goals as well as what type of products or services to offer. Do not just throw content at the wall hoping something sticks. Think through your marketing activities. Post with purpose.
There is a lot of great content out there but if it's not in line with your goals or values, it will do more harm than good.
This goes hand in hand with goal setting and strategy. If you don't know who your ideal customer is, how will you know where to find them or what to say to them? This is not only important for your marketing efforts but for your product/service development as well. Too many businesses think they can just target everyone but if you do not niche down from the get-go, you will be a master of none so to speak.
This is another mistake that new businesses make which can be costly and time-consuming.
As a business owner, it's important to know who your ideal customer is. By having this target market in mind, you can focus your marketing and sales efforts on reaching them. You'll also be able to create products and services that appeal to them specifically.
If you try to appeal to everyone, you'll end up appealing to no one.
One of the most common mistakes I see with new businesses is that they do not set a budget and then they overspend too early on (or they don't spend enough!). This could be from marketing efforts, hiring the wrong people or buying unnecessary equipment. When you are starting a business, it's important to be mindful of your expenses and make sure you are spending money in areas that will help you reach your goals.
If you are feeling like nothing is clicking and you have made some or all of the mistakes above, let's talk! I offer online and in-person Intensives where we will ensure all these important steps are in place. Leet's set you and your business up for success from the get-go!
The mistakes that new business startups make are many, but they're also preventable. The points listed above should help you get started on the right foot and avoid some of the pitfalls that most businesses fall into when starting out. If this sounds like something you need assistance with or if it seems overwhelming to tackle everything at once- don't worry! I offer online and in-person intensives that will help you get your business off the ground. Contact me today to learn more!