We all make mistakes in the beginning! It’s just a miracle if everything goes well directly from the start! There is so much to think about, and it is not easy at all to start from nothing with nothing. The most common mistakes when starting a business are the following, so beware of them and make sure you will not make them!
1. No planning
Do not just start, plan when you would like to be online, so you can plan everything before that date to be ready and make sure you work with deadlines. If you do this then at least you have a guide to stick to, and that will help you to know when what should be ready.
2. Not setting goals
If you set goals for yourself, it means you are working towards something, if you are not setting them you do not have any drive to work to. Plan out your goals, your future, what do you like to accomplish with your company? When? In what time would you want to earn X. Set these goals and work towards them! Drive yourself!
3. Undervaluing your products/service
It is hard to set a price for your products/services in the beginning, but do not be too hard on yourself, don’t be cheap! Value your work with the amount it deserves. Look what competitors ask, calculate how much time and money you have spent on making this product/service. Ask the correct price! When you start too cheap, it’s hard to become later more expensive!
4. Being afraid of marketing
You do not know how to use it, or you do not trust your product enough to be all over the internet or in the new papers? Or afraid you will make a wrong campaign? If you know where your customers are, use marketing to reach them! We need marketing to get our company known with the people, and for this it is important you investigate where the people are, where is your target group. Focus yourself on how to marketing and own it!
5. Not knowing who your customer is (niche!)
Selling your product to everyone? Because like this you can reach everyone in the world? Sorry but that’s not how it works, not everyone will like your product or is willing to pay for it. Search your niche and their needs, focus on them! Its a mistake a lot of start-ups are making not to have a niche!
6. Overspending or not spending enough
Spending too much money is not good but also underspending is not what you need to do! Make a budget plan en stick to it. Like this, you know exactly what you can spend and on what. Also, it is essential to investigate what the good budget is for a start-up marketing campaign and how to use your money wisely!
7. Doing it all alone
Sure, in the beginning, you do not have money to hire someone, but do you need to do everything alone? Make your website is nice, but it takes a lot of time. Maybe better to hire someone to do it, not sure how to investigate your market? Ask for help! Do not think you need to do everything alone when you are starting your own company because you do not have enough time to execute everything right when you do everything by yourself. Also, it is essential to learn from others and hear and see the vision on your company from others. It helps you to be more strong!
8. Skipping research
This is something like number 5. You will need to do research. Not only to discover your niche but also if people are really in need of your product, why is your product better? Is the market looking for it and do you know why? If you do the research, you see the strength and weaknesses of your future product and play with it to bend it to market needs.
9. Not paying for expertise
If you do not know something, ask for help and pay for expertise! You do not like to make mistakes. Hire a lawyer when making your terms & conditions and do not just copy and paste it from a website that looks like yours. Pay for expertise to not cut yourself in the fingers! Better to deliver something excellent and correct than hanging it on loose ends!
10. Scaling to quickly
74% of the startup’s scale to quickly, says Startup Genome! Don´t do this! It is fantastic you are earning good money but do not spend it directly on hiring a lot of people, expensive marketing, new office. First, make sure you know everything is stable and do everything step by step. Do not lose everything in just a minute when it takes months to earn!
All of these subjects we will also discuss more detailed and help you to make good decisions in our Startup Training!