Deadly Startup Mistakes

We all make mistakes in the beginning! Its 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 than 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 like 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 to hard on yourself, don’t be cheap! Value your work with the price it deserves. Look what competitors ask, calculate how much time and money you have spend in making this product / service. Ask the correct price! When you start too cheap its hard to later become 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 you 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 to not 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 budgetplan en stick to it. Like this you know exactly what you can spend and on what. Also it is important 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 really need to do everything alone? Make your own website is nice, but 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 important to learn from others ad hear and see the vision on your company from others, it helps you to be more strong! 

8. Skipping research

This is actually 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 research you know 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 good and correct than hanging it on loose ends! 

10. Scaling to quickly 

74% of the start ups scale to quickly, says Statup Genome! Don´t do this!  It is awesome 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 loose everything in just a minute when it takes months to earn! 

All of these subjects we will also discus more detailed and help you to make good decisions in our Startup Training