It is important to avoid the common business pitfalls often made when starting out. Like many people considering starting their own business you likely have some apprehension when it comes to launching your business, and that’s understandable. You want to make the most out of it, make a living, serve your clients and be a success. You want to show that your passion and your desire was all something you could turn into a career path of entrepreneurship.
You most likely have great expertise in your area and though you may be quite proactive in your approach to being a business owner, it’s imperative that you stay away from the path that can lead you towards a pitfall. You need more than a plan to in order to avoid the most common problem areas. These may not seem like an issue for you, but if you aren’t careful you can give into them. The best way to avoid them is to stay organized, have goals, and work hard to ensure that you are successful and achieve balance.
Here are the most common mistakes and if you can identify them ahead of time then you can ultimately find success.
4 Common Business Pitfalls
1. Lack of a realistic plan:
Know that your plan is going to change over time, but the key is to have one. If you don’t put any thought into your new business, then will not have the foundation for success. It is okay if your plan is basic or a work in progress (these often make the best plans). It’s also okay if you aren’t sure how to make it all work, but the plan will help you to set your goals, and lay out the steps you need to take to achieve those goals and your ultimate vision. Write down your ideas, talk to trusted family and friends (and a business coach!) about your ideas and continue brainstorming. If you have a plan, then this will guide you towards the path to success and ensure that you are at least thinking about things.
2. You listen to the negative comments:
The bad news is that you are going to hear negative comments and you will come across people who do not agree with or support your idea. It is important to realize that when people do not understand something they may fear it or cast doubt upon it. Don’t let the naysayers get into your head. Do not let the negative people or their comments hold you back from what you know you can accomplish. At the same time do not fully discount what you are hearing. Acknowledge what is being said, look at the source of the comments (is it from someone who has experience or you trust) and think about how you might turn the negative comment into a positive action or be inspired by it. Though there may very well be some valid points within their thoughts, remember that your goal is to serve your clients through your own programs and services. This is about you and what you want.
3. You don’t save any money to get things started:
Having some financial savings or a fund to start your business is an important first step. This 25 Point Action Checklist will give you some ideas to overcome the challenge of not having any money to start your business. Saving money is another aspect of planning and if you don’t save anything then you are setting yourself up for potential failure and some anxiety. As part of your plan (see #1) include how you will put some money aside to start your business (and pay your bills). Take some time to think this part through as it is critical to your success and peace of mind.
4. You partner up with someone who is not fully aligned with your values or that you may not trust:
It does not matter if it’s a business partner or a vendor, either way it is important to ensure that you are aligned with your partner in terms of how you do business and your value priorities. The reality is that if you partner with someone who you do not trust the business relationship will struggle. Trust your instincts as they are always correct. Always form business relationships (actually any relationship for that matter) with people you trust and feel comfortable working with. Though partnerships can be a slippery slope, if you work with someone that you know and can trust then you are more likely to reap the rewards of a successful business partnership.
Take note of these 4 common business pitfalls and make a plan, focus on your positive supporters, save start up funds and align with partners who have similar values and whom you trust. With these tactics you will be on your way to successful business start up!