Starting a successful business take a lot of work. There are many things that must be done, but there are things a person should not do as well. Here are the top things a person should avoid when starting a business:
- Don’t underestimate startup costs. Not only can it cost more than you anticipated, it can take longer to turn a profit as well. Be mentally prepared to spend more money than you originally thought and wait longer to see a return on investment.
- Don’t underestimate your competition. If they have been in business longer than you, they may know things you are unaware of. Observe your competition with a healthy dose of respect and learn everything you can about them before taking them head on.
- Don’t skimp on marketing. “If you build it, they will come” only applies if people know who you are. Get your business in front of everyone you can by any means necessary.
- Don’t rely on friends and family for support. Sometimes, the people who claim to be your biggest supporters disappear the quickest when you need them most. Step out of your circle and create business contacts at every opportunity for they will be your biggest asset.
- Don’t do it all by yourself. There will be plenty for you to do and not enough time to do it all. Consider hiring freelance support.
- Don’t assume you know it all. No one knows everything. Surround yourself with people who know more than you and learn from them.
- Don’t underestimate the power of a good business plan. The business plan is your roadmap to success. It will keep you on course when the skies are cloudy and the seas are choppy.
- Don’t ignore Uncle Sam. The IRS will seize your assets and shut you down if you’re not careful. Keep meticulous records and file as required.
- Don’t think success will happen overnight. The average business takes 5 years to become successful. Be mentally prepared to work hard for a long time with little results or reward.
- Don’t sell to just anybody. While any sale is good, the most successful businesses identify a specific target market and tailor their products to meet their specific needs.
Sometimes, the keys to success involve avoiding things that can impede your progress. By avoiding common pitfalls, you will be one step closer to achieving your goals.
Want more great tips? Do you yearn for business success? Pick up a copy of my book Readi Set Go! A Simple Guide to Establishing a Successful Small Business. Available on Amazon HERE.