Mistakes Not to Make When Starting a Business - CareerAlley

Mistakes Not to Make When Starting a Business - CareerAlley We may receive compensation when you click on links to products from our partners. Businesses that dont succeed cant tell us what went wrong. Their phone is disconnected and theres no one to get in touch with. What we know is what businesses that succeed have in common. That is why youre starting this business, after all to succeed. Dont Try to Get Rich Quick Many new business owners underestimate the time it will take to make a profit. Some spend most of their capital on renting commercial space, hiring employees and buying office furniture. Realize that it will take some time for your business to get in the black. Think long-term investment rather than instant gratification. Dont Put Your Personal Life on Hold Nor should you underestimate the amount of time you will spend with your new business. The bottom line is finding a balance. All the success in the world wont mean much if youre too ill to enjoy it. Take time to exercise, eat right, get enough sleep and enjoy an active lifestyle. Dont neglect friends and family, either. Youll need their support as you continue to grow your business. Dont Forget Your Purpose Dont let yourself be overwhelmed or drown in the numbers and small picture details. Make sure you remember the enthusiasm and excitement you first had when deciding to carve your own path. Remember what youre offering, to whom, and why. Create a mission statement and hang it where youll see it every day not a company mission statement, but a personal one that reminds you why youre doing what youre doing. Dont Overlook Marketing Many new businesses go straight from producing their widget to selling their widget. Selling is not marketing. Selling is closing a deal today. Marketing is creating the value and demand to close a deal today, tomorrow and the next day. Overlooking marketing is a short-sighted and costly mistake. Instead, involve sales and marketing in a common goal more customers than you know what to do with. Dont Forget to Cover Your Assets Youre not just you anymore. You are also your business. You need to make sure that both personal and business property are protected. Are you paying the proper payroll taxes? Do you have the licenses and permits you need? Do you have an accountant to manage your finances? Do you have all the necessary insurances, including workers compensation insurance? One accident on your property, one slip and fall because there was ice, can negate all that youve accomplished. Make sure you do everything in your power to protect that which youve earned. Dont Take on Too Much Rome wasnt built in a day, and neither will your company be. If you have 28 different ideas, dont rush them all to market at once. Start with one and adjust as you go, integrating feedback into the next products launch. Dont rent commercial space until you truly need it. Hundreds of successful companies, including Amazon, Apple, Google, Disney and Mattel, started in a garage. These companies didnt start out grossing hundreds of millions of dollars. They began with what they had and up-sized when they had to. Byline:Nik Donovic has had the opportunity to work in a variety of fields, so all thoughts come from a summation of experiences This is a Guest post. If you would like to submit a guest post to CareerAlley, please follow these guest post guidelines. Good luck in your search. Joey Trebif