Starting your own business is an exciting process that can be extremely rewarding, especially when you start making a profit. Starting a business online is a relatively easy process, but mistakes can and will happen. The tips bellow can help you avoid or correct these common mistakes.
Not Planning Ahead
Having a plan for your business does not have to be in the form of a long and tedious document, but it needs to exist. Focus on who your target market will be, what you are selling, what can you charge for it and the state of your finances (ie. how much you have, whether it will last and whether you will be able to handle a loss).
Expecting Too Much Too Soon
You may be saying to yourself “Well, that’s obvious,” but don’t overestimate your ability to see the future, as many businesses feel they ‘have it in the bag’ but fail to understand this; often, a new business will make losses or be unable to provide a steady income long before it starts to see profits, and so they simply fail to put in the effort and dedication needed to work through the tough times.
Neglecting Customer Satisfaction
The customer is always right, even when they are wrong. Now make that your mantra.
Sweating The Small Stuff
One of the most difficult tasks when starting a business is to know how to use your time and resources appropriately. You do not need to be in control of everything if you learn how to delegate, how to budget your time and learn how to not undervalue yourself, your business and your products.
On a side note here, if you are outsourcing certain services remember that you tend to get what you pay for, so find professional service providers.
Not Saying No
One cannot stress the importance of these two letters. Learning to say no to bad clients, no to bad employees (get rid of them) and no to your love of procrastination will make you stronger as a person and as a business owner.
Not Leaving a Paper Trail
Terms and conditions and contracts with clients, service providers and customers should never be an afterthought. Make sure to keep this simple, clear and to the point. You, your client, service provider and customers need to know what to expect, how long it will take and the terms and conditions of payment.