Three Mistakes New Business Owners Make And How to Avoid Them
Posted on May 17, 2017 by Samantha Gomez
Thinking of setting up a business and turning your passion into a job?
Setting up a business that will change your hobby in to a career is an exciting and often overwhelming time. In amongst all the decisions, enthusiasm, activity and choices it can be easy to make a few mistakes, especially as most people haven’t set up a business before.
In the years I have been working with small business owners, three mistakes come up time and time again but the good news is that they’re easily avoidable if you know what to look out for…
Limited knowledge of running a business
Most people have to learn how to run a business. Lots of start-ups fail because people create a business because they love what they do but forget about learning all the ins and outs of insurance, bookkeeping, client forms and so on. You can save yourself a lot of time, money and heartache if you invest in learning how to run a business from the beginning. Find a mentor. Go to workshops. Learn business techniques and start to find out what you don’t know.
I hear many business owners say ‘but technology isn’t me, I’m a people orientated business’ and that’s fine if you want to limit your business to your local community but if you really want to grow your business you need to start looking at how technology can help you.
Your clients live in a technological world. Rather than fearing and resisting technology start thinking about how you can embrace it and use it to enhance your business.
When you’ve been doing what you love for a while or as a hobby that you are turning into a business, it’s time to get out of the hobbyist mindset. You run a business. This is your job and you should expect to earn an income from it. A desire to help people doesn’t mean you can’t also make money doing what you love.
All of these potential issues are easily avoided if you are conscious of them from the start. Dealing with them from the beginning of your business will make for a much smoother, more enjoyable experience in the long run.