Starting any type of
business is not easy, well established entrepreneurs can attest to this.
Business takes a lot of effort and consistency before it can start to thrive.
Regardless of the years of experience and understanding you have in your field,
your business would still face some challenges when you start up. Most newbie
make avoidable mistakes which would have saved them a lot of stress and
heartache if they have had someone to put them through. These are some of the
mistake fresh business owners make.
WRONG BUSINESS NAME:
the business name you start up with goes a long way in making your business
stand out. Make sure your business name says something about your business.
Consider easy to spell names and how widely acceptable they can be if your
business goes international.
IMPROPER BRANDING: many
people do not consider branding themselves when starting up. Branding is very
important. Design your website, business cards, company logo and your marketing
materials professionally. Representing yourself properly and branding yourself
is crucial to the growth of your business.
WORKING ALONE: getting
used to the idea of working alone and brainstorming all the time is a poor
mental structure for an upcoming entrepreneur. Associating with people, teaming
up with people and working with existing entrepreneurs is an easy way to get
inspired and motivated. This is more likely to help you get things done easily.
WRONG PRICES: when
starting up a business, it’s easy for you to forget to incorporate the entire
cost of doing the business. Your rent, your utility bills, your cost of
materials should all be considered when charging for a good or service. If not
you will run at a loss without knowing.
PURCHASING THE WRONG
ITEMS: don’t invest too much into setting up. Buy only the necessary items
(equipment and materials) when starting out. Buy more of the things you need as
you make progress as your business grows. Buying of furniture, electronics and
equipment should be done a step at a time so as to prevent running out of
capital.
Branding your business
is important, so also is making profit from your business. There is need for a
balance if you are going to break even and thrive as a beginner. Avoiding the
above mistakes would help you in taking your business from a starter phase to
the next level.