work from home

Five common mistakes when starting a business and how to avoid them

When starting a business the first few months are vital and if you want your venture to be as successful as possible, ensure you don’t fall into the trap of these five common mistakes.

1. Hiring the wrong team

For your business to thrive, it’s imperative that you choose the right people for the job. When a team isn’t working well together you can lose income, time and worst of all, morale. Hiring for ability is a great way to have a skilled team, but if you don’t consider how each individual member is going to work with each other, you may find yourself having to work through unnecessary problems.

The businesses that succeed the most are the ones that hire for attitude. Ensure that you hire people who demonstrate an attitude that works well with your own and you’ll find that your business will prosper.

2. Skimping on marketing

It may seem like a no-brainer, but if you don’t get your business out there, you won’t get the clients or customers you need. When starting a business, marketing is even more vital and can be the difference between the success and failure of your venture. Remember to diversify your marketing between channels and never forget the potential of digital.

Should you invest in a franchise, most will provide you with marketing materials, which will be a big help in getting your business out there, but make sure that you use them wisely. It may even be worth investing in a marketing campaign with an agency, especially if you don’t have previous experience in this field.

3. Resisting change or new ideas

As the investor and owner you have the power to make all the important decisions when starting your business, but if you aren’t flexible and close yourself off to other ideas or opinions, you may be shooting yourself in the foot. We all have ways and processes in which we like to run things, but you need to make sure you’re open and approachable to new ideas. Criticism is often extremely helpful and if you ignore it you may find your business struggling. If you’re adaptable and always striving to improve, your business will benefit greatly.

4. Perfectionism

Everyone wants their business to run perfectly, but it can be severely detrimental if you let that perfectionism blind you. Starting a business can be a chaotic time and if you let yourself get bogged down with minor details, you can lose focus. It’s okay to spend some time working on the various facets of your business, but you need to remember the big picture. Be mindful of how you spend your time and identify when you’re obsessing over an unnecessary detail and your business will be much better for it.

5. Going all in financially

Starting a business is a big step and it takes a considerable investment of time and money. One thing that many new owners fail to do is to pay themselves an adequate income from the business. It may be tempting to spend that money on the business, but you need to remember that the whole point of the business is to support your life. Remember to keep a level head and your priorities in check. Bleeding yourself dry won’t work in the long run and can lead to problems further down the track.

While starting a business can be a busy and stressful time, if you keep these common mistakes in mind, you can save your business from a range of potential problems. If you remember to be mindful of how you’re building your business, you’ll be sure to succeed. Still trying to find the right business for you? Take a look at the franchises available on Reed Commercial now.

Tags: , ,

Sandy Purewal

Posted on
  • Subscribe to our newsletter
    Sign up for a free newsletter and receive the latest opportunities and news to your inbox.