Starting a new business can be difficult as there are so many things to think about and important decisions to make. If you don’t get these decisions right the first time, then it can damage your future success. In this article, we look at seven common mistakes that all start-up businesses face.
1. Not planning
Planning is the key to success and with a solid plan that includes a clear business strategy, you can reach all of your goals. The planning phase of a new start-up can be tiresome, but it is an important step in the start-up process. This stage should include a financial and detailed marketing plan.
2. Not setting realistic goals
Setting goals will give you and your new start-up a clear direction and keep you on track day-to-day. The goals should be SMART (Specific, Measurable, Achievable, Relevant, and Time-bound) and you should revisit them over time to make sure that you are still on target.
3. Not embracing technology
Embracing technology, especially today, is a must for any new start-up, whether it is through marketing, bookkeeping or customer service being able to adapt to technology will help elevate and make your business more efficient in the short and long term.
4. Not seeking professional advice
New business owners often try to go it alone which can be a problem if they don’t know what they are doing or don’t have a plan. Speaking to a professional business advisor can really help advise you on the right steps for setting up your start-up.
5. You don’t know your ideal customer
Part of a good start-up is being able to understand who your ideal customer is. You can have the biggest marketing budget in the world, but if you don’t know who you are marketing to then it’s just going to be a waste. Doing market research and looking at who your competition targets are a great way to find out who your ideal customer is.
6. You overspend your budget
When starting a new business, you don’t have to invest large sums of money to get started. Start with the basics and then as you become more successful and begin to turn a profit you will be able to add and upgrade the necessary equipment and resources – create a budget and stick to it.
7. You’re not committed
You must be fully committed when starting a business as it requires dedication, time management and passion. New start-ups will require you to make certain sacrifices that are necessary to make it a success especially if you have to face challenges in the future.
Speak to the experts
At The Stan Lee, our team of highly trained accountants, bookkeepers and business consultants can help you with all aspects of your small business finances. If you would like to know more about how we can help you why not get in touch with the friendly team here?