1. Not doing enough research
It’s important to do a lot of research before commencing a new business venture. You need to be able to answer questions such as: who is your target market (“everyone” is NOT a target market), and who are your competitors – not just their names but everything about them. I’m shocked at the number of small business start-ups who come to me who are not able to answer these basic questions.
2. Hiring too soon
Staff can potentially be your biggest expense, so it’s important to hold off on hiring staff for as long as you can. There are also many tax and legal requirements associated with hiring staff, which will cost you additional time and money. When you do start hiring, start off slowly. Maybe hire freelancers or casuals a couple of days a week to start with.
3. Spending too much money
Office space, office furniture, computers… it’s easy to spend a LOT of money when you start a new business, but this will likely cost you money that could be better invested in growing the business. Think about what you really need to get started. Do you have to hire office space, or could you convert es file explorer apk your garage into a home office? Is new office furniture and computers an integral part of your business’s brand? Or could you get away with using what you already have or buying secondhand instead?
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4. Being too financially dependent on the business
It can take time for businesses to become profitable (typically 6 months to 2 years), so if you’re relying on your business to start making money straight away, you might find yourself in trouble. Yes, it’s not unreasonable to pay yourself, but how much you pay yourself needs to be in line with how much money the business is making. If your business isn’t making enough money to cover your expenses, you need to look at other sources of income such as a taking a second job, or cut down on your expenses.
5. Working too hard or not working hard enough
It’s easy to get caught up in your new business, and being dedicated is obviously a good thing, but if you work too hard you can burn yourself out. It’s important to take time off and do things that take your mind off the business. Likewise, being your own boss means that you can do what you please, but if you don’t invest time in your business, it’s not going to be successful. During the start-up phase, I would recommend working 60-80hrs per week on your business.