Aas we learned in our article last week, entrepreneurship is a lot like learning to ride a bike. The first time that we take off without our training wheels, we find ourselves going faster and faster and hope that we don’t fall. Unfortunately, almost every child who has ever taken off without those training wheels can tell you…they fell; usually more than once. The same is true of starting a business. You are likely to fall a few times before you get the hang of riding the bike. Once you learn to ride, however, they say that you never forget. Learning the mistakes that may cause you to fall and avoiding them could be the key to smooth sailing in your new business. So what are some of the mistakes that entrepreneurs make when starting a business? We explored this last week, and today we will learn a few more of the top mistakes to avoid when starting a business.
Don’t Skimp on Your Brand
According to Business News Daily, “Underestimating the value of a brand and the people that do branding is the biggest mistake I see happening over and over. Quite often startups/business owners/ entrepreneurs think a simple logo covers this. A brand is a deeper, more articulated definition of your business. It is also a guiding light and acts as a reminder as to what you want you want your business to be, to represent and more.” — David Salinas, CEO, Digital Surgeons
Don’t Skimp on a Business Plan, Either
Entrepreneur Magazine points out another area in which the new business owner should never skimp: The Business Plan. The future success of the company is often determined by the strength of that company’s business plan, and how well that plan is adhered to. Your company’s purpose, direction, competitors, and measure of success is all determined by the business plan. You need to look past the first year of operation, and determine how you will keep making a profit over time. Even with all of the passion and fire that most entrepreneurs have, starting off a business with no sustainable business plan can cause you to crash and burn.
Don’t Try to Work Beyond Your Means
We have all heard what a bad idea it is to try to live beyond our means. The same is true of our worklife. It is important to make sure that you stay within your budget when starting a new business. While it may be tempting to buy the newest equipment, technology, and office space, this is not an area that you want to go overboard in. Yes, a huge new pffice building could impress a lot of potential clients, but the lease cost simply won’t fit into the budget of most startups. For this reason, you might want to consider a shared office space such as Offix in Wellington. These commercial office spaces offer all of the amenities of a traditional office building at a fraction of the cost.