5 MISTAKES NEW ENTREPRENEURS MAKE.


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.