Experience is the best teacher, they say. But nothing can prepare you for the mistakes you’re going to make along the way. Not even the most experienced entrepreneurs can say that they got where they are today with zero mishaps and missed opportunities. Fear not, for we’ve compiled 6 of the most common mistakes any startup business could make (so you could avoid them!)
Skip The Prep and You’ll Regret
Nobody can run a marathon without training first. Sure you may be able to finish it but what follows this bad decision would be a string of muscle spasms, joint pains, and other avoidable problems had you prepared for it. The same goes with business. Do the proper research, prepare yourself, your life, and your finances. Not so mention making sure your close-knit circle is in the know of what you’re doing so you can have a support system along the way.
In The Words of Ross Geller: PIVOT!
Learning to pivot can be a stressful thing. Nobody likes to change. But as the landscape grows, so too should our business. It could be doing a complete 360-degree turn by revamping and exploring other options or it could be as simple as adding a new service, feature, or technology to keep up with the times. We need to be flexible. Otherwise, our business could end up like that couch- broken, sad, and non-refundable.
To Overspend Would Cause Your Bitter End
Starting something doesn’t necessarily require a large investment, but some business owners think that they need an office or a new desk, or maybe a new and expensive chair to get started and that’s where the dangers lie. Always stay thrifty with your purchases and save money like your life depended on it (because well, it really does). *Bonus: Underspending can also be detrimental as you maybe be depriving yourself of necessary tools to further your business.
Overexpanding: Moving Too Fast
I’ve seen it happen more times than I’ve wanted to. Businesses who were successful and had a strong following, start to open up branches in almost every mall, only to fail miserably and end up worse than when they first started. Overexpansion can be a thin line between making it big and thinking you’re making it big. Don’t scale too fast, too soon. It could be in the form of hiring too many new employees all at once or opening up several outlets. Either way, slow and steady wins the race. There’s a right time for everything.
Not Listening to Advice
The fact that you’re reading this article should already mean that you’re seeking advice and that’s great! A lot of people think that just because they went to business school or took a course related to business, that they don’t need to listen to anyone for help. There’s a reason why listening to your elders is a virtue. Take the free advice as a free consultation with experienced entrepreneurs and make use of it in your own business!
Failure is truly a scary thought. Nobody wants to fail, especially in something they thought they were good at. But if you’re too afraid to even take the necessary risks to move forward in life then you’re just as good as failing anyway. Whatever you do in life, don’t freeze. Keep moving forward and keep pushing for your goals, no matter what failures may await you. Change your mindset. If a marketing campaign fails just think of it as an experiment you tried and the result of failure itself is a success in helping you know more about what works and what doesn’t. Either way, you’re the winner.
We hope these little trinkets of advice can help you with your freelance or business careers. Got any more nuggets of wisdom you would like to share? Let us know!