Starting up a business can be amazingly energizing but there are a couple of things we often overlook, yet they have colossal impacts on how the business would advance.
With competition everywhere and people struggling to beat the odds in business start-ups, many seek to know what may be retarding their businesses.
Looking for a guide on what you would try avoiding when venturing into business? Tighten your seat belt and read on as I take you through what you should never do when starting up a business. And there is also a bonus for you who reads to the end!
1. Don’t Do Business With Friends
Friends are very important in our lives and we usually want to engage them in all that we do! Unfortunately when it comes to things like Starting up a business, you must consider ‘not to consider them’.
It is often important to weigh the potential risks and benefits before deciding on whether to start business with friends or not to, as this could result into misunderstandings and conflicts that may negatively impact the business.
I once witnessed two great friends almost strangling themselves because of the business’ failure to progress. One claimed the other was silently feasting on the profits the business made, yet when further investigations were made, it was the accuser who was guilty!
2. Avoid Overspending
The fact that you are new in the system should be a red light, bright enough for you not to over spend. Always try as much as you can to utilize the available resources more so when your business is still stabilizing.
This will not only save you the pain of unknowingly using up the business capital but as well help instill in you a discipline of respecting business money and using it only when it is necessary. Overspending is toxic enough to fail a business, take caution!
3. Never Trust Someone’s Words
Taking risks in business is very normal, but when starting up a business, not all that is said is vital. A couple of people may persuade you to sell particular products, or deliver certain services yet in actual sense they may not sell as much as what you intend to specialize in.
Am not saying you should completely ignore everyone’s thoughts, but sometimes you should appreciate independence and develop a positive habit of trusting your gut instinct, it works!
4. Never Start a Business With Someone Else’s Money
I at times get frightened at the sound of the word ‘loan’, of course we have had of people venturing into business through loans and succeeding, but not all really succeed for one reason or another.
First of all, part of the profits that you will be receiving will have to go to paying your debts and this is not as good for the start. Secondly, you are not certain about how the business will progress and therefore you are not sure of whether you will pay the debt in time, which is highly risky.
5. Do Not Tell Everyone About It
I hate to say, but you ought to know that enemies of progress are everywhere. Not everyone is going to be genuinely happy for the baby steps you are making in your business.
Be selective with who you tell about your little progress and be careful not to jinx it. Unless it is really necessary and you feel you are steadily progressing at the moment. Build your empire in silence!
6. Do Not Ignore Legal Requirements
Starting a business comes with legal requirements that must be met, ignoring these requirements can lead to legal issues that could land you in trouble and ultimately, fail the business.
Thank you for reading this far and well, as a bonus am giving you a few tips you would do to make your startup venture in business a success.
1. Prioritize Customer Satisfaction
Master the phrase, ‘my customer is my priority’ and in all that you do, always endeavour to leave your customers satisfied as this will graft gratitude on them and make them stick around. No one wouldn’t want to be treated as good anyways! Plus, prioritizing customers may help you attract even more potential customers.
2. Carry Out Market Research
Before you think of starting a business, it is always important to research the market and ensure that there is relatively high demand for your product or service. Skipping this, would be the start of one’s failure.
I have seen many people flooding certain businesses because of peer pressure and like a car driving towards a wall, crush!!! Ouch, that hurts.
3. Be Online
There are thousands of potential customers online, and of course for starters, you ought to utilize the space and make your products and services known to your audience. Neglecting your online presence could result into a lack of visibility and ultimately fail your business and perhaps, we are in a digitalized error, so why not?
4. Know Your Competitors
It is important to know who your competitors are and what they offer, this will help you keep in line with what they do and even prompt you to make proper improvements here and there. Ignoring your competitors may lead to a lack of differentiation and ultimately cause failure.
In conclusion, by avoiding these common mistakes, you can increase your chances of success when starting up a business. Remember to do your research, stay competitive, manage your finances, maintain a strong online presence, and meet all legal requirements. Good luck comrades!
you can also check: ways to promote your business.