Starting your own business is a wonderful and exciting experience and you should be proud of this decision regardless of how it ends! After all, some of the most successful entrepreneurs in the world failed on their first try (some even on their second).
Being an entrepreneur comes with a learning curve and yes, you will make mistakes. However, if you can avoid any fatal ones, your business will get a chance to see the world and grow. So, to save you the trouble of experiencing some of the most common mistakes, learn from the top 10 you should avoid.
#1: You’re Doing Everything by Yourself
If your business was one-man-show, now that things start to take off you may have troubles delegating some of the responsibility to someone else. We know you consider the business your baby, but even new parents hire a nanny from time-to-time. Find yourself a capable team and use them accordingly, otherwise you’ll burn yourself out.
#2: Too Much, Too Soon
Yes, it’s important to grow as a business, but if you want to launch three products in one month and your business is 2-months old, you should reconsider your plans. Pace yourself and understand that a good product/service comes from hard work and good planning.
#3: You Don’t Hire Specialists
If you insist on doing the design for all the prints even though you’ve never used photo editing software in your life, something is wrong! A specialist knows how to do their job and can even offer some extra advice on the way. For instance, did you know that good label design can increase sales for a product that’s not moving fast enough? (A specialist just told you that).
#4: Not Considering your User
Your user is the person/business/organization that will be buying your product or service. Make sure you tailor your campaign and product towards them; otherwise you may get lost on the way.
#5: You Want Perfection
Do you know why software companies release a beta version of the final product? Or why some companies call back their products for improvements? Because you can’t create the perfect product on the first try!
#6: You Stop Learning
Just like you don’t stop learning when you finish your education, you never stop learning as an entrepreneur! The business world is forever changing and there will always be something new and exciting.
#7: What’s your Brand?
If you want a successful business, you need a clearly defined brand. So, before you make any move, analyse your position and understand what you want to do and why.
#8: There’s No Passion
Many new entrepreneurs start with the idea that, if they own a business, they will get rich. While entrepreneurship does offer the opportunity, the road to getting rich is long and filled with all sorts of challenges. However, if you started a business out of passion, you’ll find the necessary drive to get you through tough times.
#9: You Don’t Spend Enough
If you hold too tight on your money you may lose on opportunities that will take you to the next step. An entrepreneur must know when to invest and when to pass, but they should never be too afraid of investment.
#10: You Spend Too Much
Yes, spending too much can also be a problem, especially if you like to give away every dime you make. Find balance when it comes to spending and keep your money for real opportunities.
A big ‘thank you’ to Ian Wright, who contributed this article on the common mistakes we make when starting out as an entrepreneur. Ian is a creative print specialist based in the UK. As part of the team at HandyLabels, he’s printed over 88 million labels / stickers – and counting!