by Kim Myles
April 28th, 2023
There are plenty of ways to succeed as an entrepreneur in 2023. Being a leader or innovator is a mix of many things, but there are some crucial steps you can take that could set you apart from your competition, like avoiding these common mistakes that could ground your new business before it has a chance to launch.
1. Not Making a Business Plan
Having a business plan is essential to starting a new company. It is the foundation of your business. Your plan should include how you plan to organize, fund, manage, and grow your new business. Some key elements you should focus on are:
–Your mission statement
–Details about your business
–Marketing Strategies
–Funding requirements
–Service or products you offer
There is no specific configuration to a business plan. You may choose to be as detailed as possible or you can create an outline that highlights the most important information about your business. Either way, constructing a plan is a savvy business move.
Related: How to Write Your Business Plan
2. Not Calculating Your Business Costs
Starting a new business can be costly. More often than not, you’ll have to spend money to make money. Whether your business is online or in a physical location, it’s important to be aware of the cost associated with your industry.
Most people think it’s cheaper to run a business online. This is true in many cases, but that doesn’t mean you won’t have to shell out dollars to make your business run efficiently. Some online business expenses to consider are:
–Website creation and hosting
–Equipment
–Shipping/taxes on products and goods
–Proficiency Tools
–Licenses and permits
A brick and mortar location can be more costly, but depending on the success of your business, your profits may eventually supplement your overhead costs.
–Rent
–Licenses and permits
–Labor
–Utilities
–Inventory
–Taxes and Fees
–Insurance
Checkout this video on Brick and Mortar vs. Digital Business for more information.
Don’t let your dream business turn into a nightmare because you underestimated or miscalculated the cost of your expenditures.
3. Not Doing Your Research
This is a very important step, if not the most crucial. Many new businesses fail due to a lack of research in their industry. Bad business planning, weak marketing strategies and lack of proper funding are a few other reasons.
If you want your business to succeed, do your homework.
Here are a few questions to help guide you in your research:
–Does my business solve a problem?
–Who is my target audience?
–Who is my competition?
–What makes me unique from my competitors?
–How will I obtain the capital needed to start my business?
–What legalities should I be aware of?
–What is my marketing strategy?
–What should I charge for my products or services?
Your answers to these questions will play a major role in the failure or success of your business.
Related: Research My Business
4. Not Enlisting Experts or Knowledgeable People
Unless you are a jack-of-all-trades, it’s probably wise to ask those who are in the business of your business. You want to explore every opportunity which can afford you success.
Enlisting the help of experts can help you avoid pitfalls many encounter because they believe they can do it all by themselves.
Starting a new business is rarely a one-man job. It can be a very detailed and stressful process. Creating a team of people you trust will help to alleviate some of that stress. It’s possible to do the research on your own, but this can take time away from you actually running your business.
To make things easier for you, it’s helpful to seek advice from some of these individuals:
–Lawyer
– Business Planner
–IT Expert
–Accountant
–Banker
–Other Entrepreneurs
5. Give Up
If you think your business is a great benefit to others, believe in yourself to make it happen. You’re the answer to the call when you create opportunities where they didn’t exist before. As long as you’re realistic about your goals, enlist help when needed, and educate yourself on the steps to start a new business, go for it.
Overall, you want to give yourself every advantage for an opportunity that may change your life. In the end, it is your passions and efforts that will determine your success. Wishing you much luck and prosperity on your journey!
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