Ten Common Mistakes Made By First Time Business Owners

CommonMistakes Made by First-TimeBusinessOwners

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Oh, if only there were a foolproof plan for starting a business. Think of all the sweat, tears, and money that would’ve been saved over the years. There’s nothing easy about carving your own professional path by starting something from scratch, but it can be vastly rewarding.Of course, before the rewards comes the business plan, the marketing plan, the market research, and maybe even a business slogan.

This all might seem like a lot, but the best way to successfully start your own business is by avoiding the mistakes others have made before you. Here are 10 common mistakes the first-time business owners make and how you can get around them.

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10 COMMOn MisTakes Made By FirsT-TiMe Business Owners

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1. Not Knowing Your Technology

Chances are technology is going to make up the backbone of your business. Whether it’s the computer you use to design websites for clients or the point-of-sale system you use in your cozy café, you need to have the technology that supports your business needs. Find something that fits within your budget but is known to be reliable in your industry.

And as Forbes notes, don’t forget to back-up everything. Too many businesses forget this mundane but crucial step - and end up losing everything in the process.

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2. Not Making a Great Website


Forbes also notes that a website should be an important part of your online marketing plan. They rightly note that it’s generally the first thing people come across when researching your business online. So make sure your website looks as impressive as possible.

You’ll also want to make sure that it offers all the information and features that it should. For instance, if you own a restaurant, make sure you provide a menu. If you’re professional photographer, include examples of your work. The more detailed, the better. And of course, make sure the site looks good on PCs, phones, and tablets.

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3. Thinking Social MediaDoesn’t Matter


Too many businesses think they don’t need to incorporate social media into their marketing plans. Their reasoning is that it’s not right for their business or that it takes too much time away from other thing things they’d like to focus on.

But like it or not, social media has changed the way we do business forever. Sure it’s another thing to focus on, but the benefits are substantial. So once you’ve built a solid website, focus on bringingyour business to platforms like Facebook, Twitter and Instagram.

4. Not Knowing Your Costs

One business owner tells Entrepreneur that one of the biggest mistakes she made when starting a handbag company was incorrectly pricing her items.

“I didn’t understand that with any kind of clothing or accessories,you have to calculate the square footage of fabric, including thewasted fabric,” entrepreneur Sarah Shaw tells the site. So be sureyou have a firm grasp your costs and revenue, otherwise you’ll endup in a financial tight spot.


5. Not Having Goals ora Business Plan

Predicting the future is difficult when it comes to starting a business, but that doesn’t mean you shouldn’t try. Look ahead by setting goals and having a business plan that sets you up for where you’d like to be in five, 10, or 20 years.

Too many businesses - especially small ones - only think about the immediate future without setting benchmarks that will help them expand and make more money. Yahoo News says that writing down goals can help you achieve them, as well as and making sure each employee knows what goals are their responsibilities.


6. Not Knowing andServing Your Customer


Customers aren’t just people who walk into your business or visit your website. They’re human beings with need and desires - and they’re your best bet for earning more customers!

Too many business don’t properly serve their customers, or they believer their customers are of a completely different background and demographic than what they truly are. Focus on giving your customers the best experience possible. Listen to their feedback and make sure you’re always giving them what they want. And always know exactlywho you are serving.

7. Thinking You Knowand Can Do Everything


When it comes to opening a business, it can be tempingto think of yourself as the expert. But that’s a mistake. The best business owners - from Steve Jobs to thewoman who runs the hardware shop down the street -hire employees that know what they don’t know andcan accomplish what they can’t.

As the old saying goes, “If you’re the smartest guy in the room, you’re in the wrong room.” After all, you always want to be learning, andyou’d be amazed at what a great group of employees can teach you.

8. Taking Shortcuts


Shortcuts always sound like a great idea, but they canoften end up being more trouble than they’re worth.

So if you see a shortcut that you’re 100 percent certain will pay off, go ahead and take it, but be sure you’re not just trying to cut corners or achieve success that has yet to be earned. It’s extremely rare, if not impossible, for a business to become an overnight success. So put in the work before you reap the rewards.

9. Not Being a Leader


While it’s important to hire employees that can teach you a thing or two, as a business owner, you should think of yourself as the leader.

This business is your vision, so be sure to take the lead whenever possible. Encourage your employees and don’t forget that you’re their boss first and their buddy second (or maybe not even that). Strong leadership will help your team achieve success.

10. Giving Up

As a first-time business owner, it can be temptingto give up at certain points in your adventure.In fact, many business owners give up beforethey’ve given their dream a fair chance to flourish.

As tempting as it may be to throw in the towel when things get rough, push forward. Yes, there will be times when giving up is the for the best, but keep in mind that the greatest entrepreneurs all faced hardship at some point and made it a point to keep going.

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