Everyone wants to start a business, but starting isn’t the issue. People make mistakes whenever they choose to start a business. Today we will be talking about what not to do when starting a business and the solutions.
Don’t make the mistake of creating a business that will not run for long. Also, don’t make mistakes in choosing the wrong team.
Here is what not to do when starting a business:
1. Don’t avoid a business plan
As Benjamin Franklin said, “If you fail to plan, you are planning to fail”. A plan is an essential tool for your business.
It is the root of your business. It contains the ideas and strategies to be used to operate the business.
Before beginning the business sit downdraft a plan and include areas on where to make changes.
On the plan make sure to include:
- The business needs
- Market competition
- Team and advisors
- The problem you are solving and the solution
- Financial Plans.
- Explain your brand.
2. Hurrying the hiring process
This is a common mistake, it is also hard to find the right team. It happens when you have started a business and need people to help you run it.
Hiring people just because they are qualified will cost you. This because you have no idea how they handle different situations.
The team hired will be responsible to make your business rise or fall. The team also will determine if your clients will be satisfied with the services and products provided.
Before hiring conduct a vetting process. On the vetting process give them a task watch how they do it. Remember also to monitor their strengths and weakness.
The right people will grow the business.
3. Failing to research
Not having an idea before diving into the business is a bad move. Besides, it’s from the research that one begins formulating plans.
- Not knowing your competition- competition is what drives sales, not having an idea about them can cost you. Know your competition and offer something better and more than they offer.
- Not knowing your target audience- the audience is the people you will be involved in during the business transactions. Having an idea about them will save you lots of resources since you will only provide what they need.
- Underestimating the business demands- this is a bad move, happens when the business has just started bringing profits. The business needs input for it to be productive. Make sure not to spend all resources elsewhere and forget to input some into the business.
4. Trying to do everything by yourself
One can not accomplish all tasks by themselves, it’s okay to ask for help. But as you ask for help make sure it’s profitable.
Have the right help which might be difficult to find. Find someone that will help the business grow as well.
5. Launching or expanding too soon
Running a business is a marathon, not a sprint. It means that don’t jump into the big ideas yet you haven’t even achieved a small win.
Don’t just expand because your business has picked up. Make sure to do market research and the clients. Also, conduct research of the area if it’s fit for the business.
Always celebrate the small wins as your strive to achieve the big ones. Get to know the business strengths and the market demands before expanding.
6. Overpromising and underdelivering
Honesty is important in every business. If your business is not grown and cannot support the services and products the clients want be honest about it.
It’s from the honesty that trust and bonds are built. Clients appreciate honesty and gain trust whenever you say what you can and can not do.
Never promise something you can not deliver.
7. Foregoing your salary
Salary is as important as the business. Don’t just reinvest it all into the business spare some for your personal projects.
Besides, it’s not a business if you cannot afford to pay yourself. It doesn’t have to be a lot but the little will also help you.
8. Not checking the legality of your business
Yes, you did register the business but never bothered to check what the business can transact and what it can not. This is risky because once you infringe the rights the business gets shut down.
Always make sure you get the right licenses and permissions before beginning the business, it prevents you from running into trouble.
9. Not having an online presence
The online presence is the best way to market your business. It also helps to keep in touch with your clients.
A website is vital to help you post updates about the business, the terms, and conditions. Well here is a way to begin a website.
Nowadays you don’t need money to start a website. At OLITT creating a website is free and fast, go live in less than 10 minutes.
Features of OLITT:
- Domains- OLITT provides a free domain, discounted domain extensions and it also gives you a chance to connect a custom domain for FREE!
- DNS Management -it provides a secure DNS Management Platform for free, to help manage your domain name records. It also supports DNSSEC plus many more.
- SSL Certificates- provides a free certificate for all landing pages and websites created on OLITT to keep your site safe.
- SEO Tools- perform search engine optimization for your website with the OLITT tools provided.
Why use OLITT?
- It’s free- create any website and go live for free!
- User-friendly- it’s easier to create a website since the system is simple and well designed to stand out.
- No design or coding skills needed- OLITT provides predesigned templates, one just picks a template and starts editing and adding content.
- It’s fast- OLITT comes with a Global CDN network with over 42 PoPs.
- Secure- every page designed comes with a free SSL certificate that keeps your site safe from malicious people.
Well, now you have an idea of what not to do when starting a business. The business world is constantly changing.
Having a website is one of the best ways to make sure you increase your visibility and market your brand.
So, go out there with your idea and transform it into money. Don’t be afraid to fail because it’s from failure we learn.