As a startup entrepreneur, there are many tasks to undertake in order to create a successful company. From selecting the ideal office location to hiring great employees, your to-do list is certainly full.
Making mistakes as you create the foundations for your startup are inevitable. However, there are some mistakes you should avoid at all costs. Here are 5 mistakes to avoid with your startup.
Failure to Find a Mentor
Starting a business can be lonely and confusing. If you are new to the business environment, every step you take may leave you feeling uncertain and insecure.
As a startup entrepreneur, you may be tempted to do everything on your own. After all, it is your vision and business. You know what is right for you.
Before you set out on your entrepreneurial journey alone, consider finding a mentor. Working with a mentor in a collaborative relationship can help your mindset develop.
A common mistake for most startup entrepreneurs is not having a good mentor. It is possible for you to read about every action you need to take in a book. However, you should not discount the value of having someone to assist you.
Mentors can help you navigate through the rough parts of entrepreneurship. Good advice can save thousands of dollars and hours of misguided actions. Mentors can also show you how to handle the daily operations of your business.
Although you may not like criticism, expect a good mentor to challenge your ideas. When your ideas are challenged, you will be able see them from a different perspective.
No Business Plan
Although you may be used to 'winging it' in other aspects of your life, you need to develop a business plan for your startup.
The plan does not have to be specific in every area, and it can change over time. You need a plan that details how you will operate your business. A business plan can act as a roadmap, without one you will most likely end up lost and find it difficult to make it back.
No Marketing Strategy
In order to become profitable, you need to attract customers. This is done through effective and consistent marketing strategies.
Most businesses fail because they have a good product or service that is not marketed properly or at all. Your marketing strategy should include social media, flyers, cold calling, print ads, classifieds ads, referrals, word-of-mouth and television ads. You should do anything that will get your name in front of customers.
This might come as a surprise to you, but your startup idea may not work the way you envisioned it. The good news is your startup idea can be tweaked until it becomes a success.
Many new entrepreneurs are inflexible when it comes to changing their ideas. They become married to one idea and refuse to make necessary changes.
This results in wasted time on ideas that are not working. Avoid this costly mistake by being open to changing your strategy and ideas.
Finding a Poor Location for Your Office Space
Many startups have a limited budget for things like office supplies, office furniture and space, it might be tempting to go with the cheapest lowest quality office space and furnishing. This is a common mistake for startup entrepreneurs.
The location of your office space will determine whether customers will be able to find your business. (if you're brick and mortar and are relying on foot traffic) It is better to rent a shared office space in a well-traveled location than a larger office space in an obscure location. Even more important the quality of your space will subconsciously affect your employees and their performance. Creating an inspiring and functional office space doesn't have to cost an arm and a leg, with some savvy office decorating, some good ideas and creativity you can create a space that feels good to work in. Which studies show will increase employee productivity.
Your startup venture can be a success. With patience and perseverance, you can avoid common mistakes made by many startup entrepreneurs.