5 Business Mistakes New Entrepreneurs Should Avoid

5 Business Mistakes New Entrepreneurs Should Avoid

So you've decided to start your own business to earn a little more income and live the good life you've always wanted - great! But what many new entrepreneurs forget is that creating a sustainable business doesn't come with it's hidden pitfalls. Some mistakes can be easily fixed, but others can lead to disaster and even bankruptcy! Here are 5 business mistakes you need to avoid right from the start.

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Picking the Wrong Business

Whether you're selling a product or service, making sure you actually have a market for your business is of the upmost importance. After all, why have a fully running website, loads of inventory, and no one to buy it? What many new business owners forget is that just because you like the idea of your product or service, there may not be enough of a demand for it in the marketplace for it to be a big success. That's why it's always important to do lots of consumer research and find out what it is that your customers really need or want. You might not always find the most exciting product to sell, but if it fulfills a need in a niche market, you'll love the income it'll bring.

 5 Business Mistakes New Entrepreneurs Should Avoid

Not Enough Planning 5 Business Mistakes New Entrepreneurs Should Avoid

Having a solid business plan is a crucial step to launching a business. This means knowing not just what you're selling but also things like, how much it's costing you, how good the quality is, where you're sourcing from, how many hours need to go into it, delivery time and cost, employees, and profit margins - just to name a few. Unless you organize this information first and have it written down, you may find yourself running into problems down the line and scrambling for cash in order to put out the fires.

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Too Much Planning

There are some of us that are very organized and methodical - sometimes so much so that it actually hinders our progression. Stressing too much over the details of a business can actually prevent you from executing your plan. This often leads to procrastination and your great idea might never take flight. Perfectionism in some cases is good, but if it's preventing you from getting your hands into your project and into the learning curve, it may cost you more in the long run.


Not Delegating Tasks

Entrepreneurs are a unique breed who have a driving passion for their work. They love to create, organize, market, strategize, network, package.... etc. And that can be the problem. Taking on too many tasks all at once and all by yourself can cause serious burnout and eventually a great deal of disorganization if your business takes off. It's important to know your strengths and focus down on those, while delegating other tasks to other people. Mind you, this needs to happen once your business is up and running and you can afford employees or hire certain tasks virtually.

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Not Spending Enough on Marketing 5 Business Mistakes New Entrepreneurs Should Avoid

Many people don't realize that marketing (which includes advertising and engagement on social media) is the backbone of almost every business. The success of a new business relies on people knowing about it and understanding the value your product or service brings them. If you don't spend the time and money to bring this information to potential customers your business will never grow. But marketing is also a refined skill that requires you to really understand your target audience. What types of ads will they respond to? What types of content do they like or need? Does your marketing provide them with value? If you can implement these elements into your marketing strategy, you'll find that every dollar spent will be a long term investment to help your business grow.


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