For anyone who has started a business, you know that your biggest challenge is not getting it off the ground but keeping it running for the long haul.
Starting a new business can be really exciting but it is fraught with vulnerabilities that could derail your new venture before you even get your footing.
Often, the zeal with which new business owners deal with these challenges may very well be the cause of their demise. However, these types of common mistakes can be avoided if you understand them and what they mean.
1- Copying an Idea
They say that imitation is the best form of flattery but when it comes to new businesses, it just may be your downfall. Your business should offer something completely unique and innovative.
Copying another business idea could bury your business in with a host of others doing the same thing. You’ll get lost in the crowd. If you feel you must offer the same thing as other businesses, find a way to modify it so you can put your own twist on it.
2- Unhealthy Spending Habits
Businesses need money to work and often poor money management is at the root of their failure. Startups often make the mistake of cutting corners by managing the money themselves.
Whether you are a person that spends too much or too little, proper understanding of how you deal with money can make a huge difference. Poor decisions regarding money could come from any direction so it pays to hire a professional money manager to avoid the common pitfalls.
3- Not Considering SEO
Your business has to get noticed and the best way to do that is through search engine optimization. It is essential in helping customers find you whether you’re online or not.
By failing to build your site, your business is literally allowing many customers to pass you by. Hesitation because you’re not familiar with how to do SEO is no longer an issue. With SEO training videos available, you and your staff could learn all they need to know to get your business recognized.
4- Doing it Alone
Some of the most successful businesses were started and run by more than one person. While it is possible to run a new venture on your own, having a partner to think things through can be beneficial.
Partnerships not only balance the workload, they also can keep you grounded, working as a filter for all of your new ideas. Besides, it ups your sense of responsibility because you are tied together and are accountable to each other.
5- Launch Delays
Everyone wants their products to be perfect but sometimes the time and energy it takes to achieve that perfection gets in the way. Many companies wait far too long to release their product spending far too much money in the process.
Those extra resources spent to reach that ultimate goal can get in the way of profits and over time it can bring the whole business down with it.
6- Poor Hiring Practices
With a small business, your employees have to be willing to do more than one job. Hiring employees that are not willing to take on multiple roles can cripple you, leaving you saddled with extra work.
With efforts to cut costs, many businesses choose to do without even the most basic support systems. Don’t be afraid to lighten the load by spending extra money to make sure all your basics are covered.
7- Over Protecting Your Dream
We all believe that we have the next great idea for a new business and want to protect it at all costs. So, we end up holding in too much information that could move us forward for fear that someone else is going to steal our idea. However, unless your venture deals with exclusive technical details that are literally earth shattering, this is rarely the case.
The reality is that unless you include others in your master plan, the struggle for success will be that much more difficult. It is better to get comfortable sharing your plans with someone you trust.
Your startup is important to you but you need to protect it more than you realize. By avoiding these common errors, you put yourself in line for a healthy launch that could turn your new idea into a highly profitable venture.