Common start up mistakes
There are many ways in which a new business can fall at the first hurdle and the following are my top five common start-up mistakes to avoid.
Be clear from the outset what you want
This concept sounds logical and easy but when you are in the throws and excitement of setting up a business, it is so easily overlooked. Know what your exit plan is and understand the difference between a growth and lifestyle business. Have a clear plan – revise it yes but have a 3-year plan of where you are headed lifestyle or growth and you will be more successful along the way.
Be careful who you go into business with
Take an objective view of your potential business partner. Can you trust them 100%? Do they complement your skill set? Being in business with someone is all about trust. If there is even the vaguest hint that you are not sure about this relationship, then don’t go there.
Really know your numbers
Know how you are going to turn a profit from what you are doing. Factor in all the set up and ongoing costs into your pricing and know your margins.
Keep excellent CRM systems from the start – information is power
CRM systems hold the interactions and transactions with other human beings and keeping records of the nuances is what builds relationships. Really know your clients and record it. You may think you have a great memory but many years down the line I guarantee you will need to be reminded of things!
Know what you don’t know
Tough one as it needs some humility to realise that you don’t know everything. Having a strong self-awareness of your limitations and always pay for good legal and tax advice.
Be different to everyone else and try not to make 1 or all 5 of these common start up mistakes. Knowing how to avoid these common start-up mistakes will ensure your business gets off to a flying start. Footprint can help you plan and launch your new business. To get help with your new business idea, email us at firstname.lastname@example.org and we will work with you to develop a robust plan for launch.
Are you looking at ways to avoid common start up mistakes with your new business? Footprint offers business coaching on how to avoid these and other common start up mistakes. Whilst we cannot wave that magic wand, we can help you to understand how to overcome these and other common mistakes. If you need other advice or help, look at https://startups.co.uk/10-common-mistakes-entrepreneurs-make/