Starting a business alone can be stressful and overwhelming. Startup owners have to manage the money, the engagement, advertising, product development and so much more. With so much going on it’s easy to spiral and forget about the mission at hand: launching the business. Here are 10 common mistakes startup owners make when building a business.
- Doing it solo. You can’t do everything yourself. You, not only need to delegate responsibilities, but you also need different perspectives and people to bounce ideas off of. Teamwork really does make the dream work.
- Haphazardly doing the business plan. Your business plan is the ideal space and time to go through all of your ‘what if’ scenarios? A good plan is thorough, based on research and can be used as a guide to launching the business as well as a resource if you need to apply for funding.
- Launching at a bad time. You can’t control everything but the launch date is something you absolutely can. Research peaks and opportune times to launch in your industry and strategically plan.
- Mishandling money and resources. Whether money or people, handle both wisely. Contract out help when you need to, pay when you need to and save money where you need to. Make slow and calm decisions, managing capital as a startup owner is critical.
- Being too rigid. Businesses change and evolve all of the time, be open to change. Ralph Lauren started out only selling ties. Apple’s first product was computers but they now known and successful based their cell phones.
- Having too many people in their ear. Whether criticism or advice, too many people talking interrupts the vision. As a startup owner, you have to know why you’re here and what you plan to do.
- Choosing a bad location. Reputation sits vastly in where you’re industry is located and there is some notoriety to be gained from being in the right place with the right people.
- Ignoring their instincts. It’s your business so follow your gut. However, balancing that gut instinct with research will help you feel confident about your decisions.
- Hiring the wrong people. Cultural and environmental fit is a real thing and it’s important to consider that, along with skill when hiring people. A bad employee can do a lot more damage than any bad marketing or slur campaign.
- Thinking too small. Competition is good. Having a tiny, super niched market doesn’t give you or your company space to change and grow. It’s better to start out wide and zoom in to what makes you and your business great.
Building a business from the ground up is hard work and although startup owners are often overwhelmed with all of the responsibilities and decisions of the company, no one has to do it alone.