10 Crucial Errors to Avoid for Startup Businesses

  • 1. Not having a Solid Business Plan – It’s true that many startups don’t even end up following through on their original plan, but having a business plan in place at least gives you a sense of direction and focus. With plenty of distractions abounding, it’s essential to have a solid set of objectives to build on and tweak as inevitable changes come into play. build on and tweak as inevitable changes come into play.

  • 2. Not Paying for Expertise – You can’t possibly do everything. Not only do you not have the time, but in some departments you lack the experience or the knowhow to pull it off. Admit to yourself that some tasks are better left to a pro and hire one.

  • 3. Not Listening to Customers – How well do you know your demographic? Invest the time to find out who they are and why they are buying your product or service. Concentrate your focus on these reasons and market accordingly.

  • 4. Not Preparing Loved Ones for the Impending Madness – Have you made your family and friends aware yet that they will have to share you with your new venture? Letting them know ahead of time will not only decrease their resentment, but also benefit you in the form of their love and support. A happy you will make better decisions in the long run.

  • 5. Overspending – New startups are typically on a tight budget. Carefully evaluate your needs vs your wants and try to stick to the absolute essentials while you’re still in the startup phase.

  • 6. Underspending – See #2!

  • 7. Launching too Soon or too Slow – There’s a delicate balance here. Launch too early and you may not be fully set up to handle the rapid growth that could ensue. Launch too late and you risk a competitor stepping in to cover your market. Staying organized, methodical and aware will help get your launch timing just right.

  • 8. Entertaining too Many Opinions – They’ve all heard you’re starting a new business and everyone thinks they alone hold the answers to your success. Be deeply discriminating of whose advice you take to heart.

  • 9. Arrogance – Not a trait of a true leader. Stay humble and focused on building a meaningful product, business or service.

  • 10. Avoiding New Technology – Embracing the new technology of today is essential to a successful startup business. Hire a company such as W3 Business Minds to set you up with new technology that matches your needs and helps bring your ideas to life.
Contact us for more information on how we can be an asset to your new startup business.

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