There are a number of mistakes to avoid when starting a business.
It is important to ensure that you are starting this journey with your eyes wide open.
Think about it – you have come up with your business idea, built your shiny new website and have a heap of energy and enthusiasm.
As you start your business journey, ensure that you are aware of mistakes to avoid when starting a business.
This blog post will explore the top 4 mistakes that people continue to make in business.
Confidence in your own abilities and skills is a fabulous trait to have.
More often than not, this is the area that women in particular continue to struggle with.
However, you must remember that you will not know everything and that is ok.
You will not necessarily always know what your audience wants (SO ask them).
There will be times when you do not know the answer to the questions that you ask yourself. (Surround yourself with a community)
You will not necessarily know of the Tech stuff (Outsource).
You will need to continually learn and have a growth mindset. It is ok to fail at some things – but it is about how you respond to the failures that count (learn how to build resilience).
From Day 1, start to set up systems and processes to make your life easier.
This way, you don’t need to retain all that information in your head, and WHEN you are in a position to start scaling your business – everything is ready and waiting for you to go.
What kind of systems do you need to set up?
Systems such as:-
Putting a plan into place and then setting unrealistic sales goals is a sure way to set yourself up for failure.
Having no email subscribers or social media followers, and expecting to make money straight away is an example of how you will be setting yourself up for failure.
You will need to ensure that you continue to build your email lists and reach in order to seek out new customers.
On average, with online businesses, you will convert approx 2% of your list.
This means that if you have a list of 1000 people, this will result in 20 sales.
The key is then to either increase your conversion rate (great businesses have a conversion rate of between 5-7%) or to increase the number of people on your list.
The internet has the ability to make you money, however, it is important to remember that this is a marathon, and not a race.
This means that it is possible to achieve but takes time, effort and persistence. This should not be your only WHY!
Take some time to reflect on your current situation.
Have you made any of these mistakes already?
How are you going to ensure that you avoid these mistakes when starting a business?
Who will keep you accountable for your actions?