When we look for tips and advice, we like to search about what ‘to do’ which seems reasonable but it’s also important to know the don’ts. If you want to become a successful entrepreneur, you must inform yourself with business mistakes you need to avoid. If you can’t avoid these mistakes, any one of them may sabotage your new business undertaking and make it a failure instead.
Here’s a list of things you should not do when taking baby steps of starting your business.
1. Don’t Do What You Love (Especially if you’re not good at it)
Doing what you love is a piece of advice in the business world is something that we are all tired of hearing. For a lot of people, they think it’s a huge business mistake they’ve done.
The truth is there are plenty of people out there who love things but they’re not good at it. However, the real advice you should do is do what you’re actually good at and what people will pay you for. It doesn’t sound catchy but it can profit you effectively. Getting a big profit is a reason why you’re opening a business, right?
2. Don’t Spend a Lot on Marketing
Your initial marketing efforts should be free. The best way to market your products or services is by word-of-mouth. If the product you have is already amazing and provides customers with a convincing proposal to meet their needs, your product can instantly speak for itself. But the time that you want to bring your business to the next level, then you can consider spending more cash on marketing.
3. Don’t Be Reluctant to Suggest Others’ Business or Product
You can try recommending someone else’s products even if they don’t fit your needs. Try to push them through the process of sales even if they’re going to find out that you’re not a great fit. By doing this, you can make plenty of friends in the industry. You can say, you tell them I sent you. And most likely your competition will even do the same thing for you. If you try to place the best interest of your customer first, you’ll profit more.
4. Don’t Just Do It (On your logo)
Even if Nike says just do it, you don’t. A lot of clients and creators think that a logo is just a unique kind of shape that stands out from other brands. However, there has to be a basis for the editorial proposition behind the logo.
So don’t rush into designing a logo. Remember that you are representing your company. These are just little details that can come after your brand’s name becomes more known and established. It would be better to spend time on more important agenda such as your product, costs, and service.
5. Don’t Resign Just Yet
If you have a day job, don’t quit on it yet. They provide you with continuous income to nourish your dreams and goals. Even if you have strong feelings about your product that it will be successful, don’t quit your job. This is similar to just realizing that you are only infatuated with someone and you don’t really love them. Don’t allow this infatuation to shadow your judgment skills and live to regret it later on.
Make sure that you do your research first, check the feasibility, and test your business plan and how it works. Then quitting your job after doing these things can be more reasonable so you can get more hours to work on your goals.
6. Don’t Violate Any Rules and Regulations
If you break any laws especially during the start of your business venture, it will most likely harm your name and business at the same time. Make sure you have a legal and firm foundation in the beginning. You don’t want to establish a business and get charged for a lawsuit for something you’ve done years ago; make sure you also buy business insurance for further protection. Make it right from the start.
7. Don’t Hire Employees and Rent an Office Just Yet
You can use your house for the meantime as your office; working from home is your best option. It can save you a lot of money from renting and travelling costs which can be expensive if you’re a start-up. Plus, you can obtain a deduction from using your house as an office.
However, a challenge you’re going to face with working from home is discipline because you can be easily distracted.
Also, hiring employees too early can be counter-productive. No one understands your business yet as much as you do. Remember that you are your brand. Once you are stable with your revenue and better things are rolling, then that’s the time you bring employees on board and share your vision with them to help expand your business.
8. Don’t GIVE UP!
A lot of people don’t have the patience to grow their business, they want to earn quickly. Starting your own business takes time and you take baby steps. You’ll never see the fruits of your labour if you give up too early. So don’t quit too easily!