5 Things You Should Do Before Starting Your Business: Avoid These Mistakes
Starting your own business can be one of the most rewarding experiences you’ll ever have, but it’s also one of the riskiest. If you don’t take the right steps to ensure your business will succeed, you may end up putting in all that work only to fail anyway. Don’t let this happen! Follow these five tips on how to start a business and you’ll get off on the right foot from day one.
1) Don't Quit Your Day Job Right Away
It's good to have a day job while starting your business. If you don't, then how will you pay the bills? This can be problematic if there is no revenue coming in from your business. It's important to use your day job as a safety net and not put all of your eggs in one basket.
2) Don't Go Into Debt to Start Your Business
1. Don't go into debt to start your business. If you're not sure that your company is going to succeed, then it's not worth taking out a loan or mortgaging a house to fund it. Make sure that you have money saved up for at least three months of overhead in case things don't work out and you need to close up shop.
2. Research the market thoroughly before you create any products or services for sale. If there's nothing unique about what you're offering, then there won't be any demand for it from consumers, and no one will buy from you either.
3) Don't Try to Do Everything Yourself
One of the most common mistakes entrepreneurs make is trying to do everything themselves. They think that they can save money by doing it all themselves, but this often just means they're spreading themselves thin and not getting anything done. Often, there are people around you who can help with things like marketing and logistics; don't be afraid to ask for help when you need it.
4) Don't Forget the Legal Stuff
It's important to do your research before you start your business. The last thing you want is to realize that you need a permit or license after your company is up and running. Make sure that the following are taken care of:
- Ensure compliance with federal, state, and local regulations - Follow tax laws - Register for worker's compensation insurance - File legal documents - Get an EIN (Employer Identification Number) and open a bank account
5) Don't Launch Without a Marketing Plan
Mistake #1: Not Marketing at All
Mistake #2: Poor Marketing Strategy
Mistake #3: Lack of Key Metrics
Mistake #4: Focusing on the Wrong Metric
Mistake #5: Costly Customer Acquisition Techniques
Mistake #6: Buying or Selling to the Wrong People
Mistake #7: Defining Success Incorrectly
0 Comments