Starting a new business can be very tough on any entrepreneur. Many mistakes are usually made in the first year; these mistakes could cost you big, not just financially but also with your reputation.
Starting a new business can be very tough on any entrepreneur. Many mistakes are usually made in the first year; these mistakes could cost you big, not just financially but also with your reputation. After speaking to several successful business people, we have created for you a list of 10 mistakes that every startup should avoid making.
If you don’t want success to evade, you should avoid making these mistakes:
Building a product no one wants to use
You could easily defend yourself, saying once your product is out, you will have buyers, but this is seriously number one on our list. For your product or service to be a best-seller people must be willing to use it.
Hiring the cheapest guy you find may seem like the best way to go about when you a startup but remember that your first employees are what make your company. Utilise your time and skills to find the best fit for your company.
Lack of focus
Classic startup 101 tip: Focus is everything. While your vision for the company is critical, you should remember to be focused and not lose control.
Fail to execute sales and marketing
The best way to deal with this is to have realistic goals. If you feel you cannot meet your expectations, then find out how you can even if it means hiring an expensive salesperson.
Not having the right co-founder
This could be the biggest mistake you make. Choosing a co-founder is like getting married; it is a relationship that will last until your company exists.
Chasing investors, not customers
Finding an investor can seem like the biggest thing on your agenda, but remember it is the customers who are going to become the market for your company, not your investor.
Not making sure you have enough funds
How are you funding your startup, is your investor being too stingy? Making sure you have enough funds to be in business can go a long way to make your startup last.
Spending too much money
This is again, something that many startups are guilty of doing. Keep track of your expenses and financial priorities. Make this a habit right from your first days as a company to help your company grow.
See also: Tax Season and Crowdfunding
Failing to ask for help
Asking for help is not easy; however, you must understand that building a successful business is not an easy thing either. Asking experienced people for help or finding a mentor who will help you can go a long way in preventing mistakes.
Ignoring social media
It is essential to use social media to your advantage. Not only startups, but even the most established companies also use social media to further their cause. Jump on to the social media bandwagon and have your business listed on Facebook, Twitter, Linkedin and other commonly used social media platforms.