Starting a new venture is highly exciting, especially because you get to experience the thrill of starting something right from the scratch. There is no limit to what you can do. The possibilities are endless and we know that you can wait to fly sky high and get going. Now that is until when you hit a snag that you never expected. Launching a business is and has always been a learning curve. You only know what works and what doesn’t after you put a plan in action. You can’t learn from the mistakes unless you have made them. Here is a compilation of the top things that you should NOT do while starting a new venture.
1) Spend All Your Money – This is the first thing NOT to do while starting a new business. More than 37% of the start-ups fail because of the lack of funding or investment. Founders have recognized the fact that if they managed to generate more revenue and spend less money or if they could raise capital. Their start-ups would have survived. Thus, make sure you don’t spend all your money at once. Be smart about your expenses.
2) Not Having a Plan – This is NOT a good idea. The very basic element of a start-up should be based on the fact that that you have got a plan of action. Don’t rush into things. Remember that if you don’t have a plan, you simply won’t have a business. It is imperative to know the things that you are good at and then create a plan on how you are going to execute them on your business.
3) Not Outsourcing to Experts – Another blunder! When you start a business, not everything will be within your knowledge. There will be a lot of things that you won’t know about. For instance, if you don’t know anything about accounting, you will need a financial advisor. Knowing when to hire a professional is extremely important for any business to thrive. It not only helps you get going on your business but also helps you to deal with things when you have to deal with an unforeseen circumstance.
4) Not focusing on the Bigger Picture – There is a saying that ‘Don’t Put All Your Eggs in One Basket’. In simple terms, it is better not to focus all your energy on one department of your business. When you run a business, you always have to think about the bigger picture. ALWAYS! Remember that one department of your business will not fix everything. Similarly, losing a single client will not hinder your business, as long as you are focused on delivering quality services.
5) Not Protecting Yourself Legally – Unless you are a completely accredited legal professional, it is always a good idea to hire legal professionals to protect yourself. Trust me; all it takes is one simple poorly worded clause in a contract or a single overlooked detail that will leave your company vulnerable to legal action.
Need more advice? TIENNE Consulting would love to help get your business started and successfully growing!
Have more new business pitfalls to add to the list? Share your tips and experiences.