If you’ve already taken the plunge, you’ll know exactly what we’re talking about. Starting a new business is anything but a walk in the park, and there are umpteen traps that can catch you out in the process.
It doesn’t matter whether you’re starting your own hair salon or doing something without the bricks-and-mortar element, such as an online store – very similar rules tend to apply.
Today, we’ll look at four of the most dangerous traps and show how you can navigate them successfully.
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You underestimate the power of marketing
In the early days of your startup, you might be forgiven for thinking that you can get away without spending too much on marketing. After all, you’ve got a great product or service, so surely people are just going to flock to your door, right?
Wrong. Even if you’ve got the best product or service in the world, you’ll have to make some noise if you want people to find out about it. The good news is that there are plenty of ways to market your startup on a shoestring budget, with this resource providing an excellent summary.
You’re too optimistic about the early days
The early days of your startup are crucial in getting things off the ground, but they’re also likely to be the most challenging. As such, it’s vital that you manage your expectations and brace yourself for a bumpy ride.
If you go in expecting everything to go perfectly to plan, you’re likely to be sorely disappointed. On the other hand, if you’re prepared for the odd setback, you’ll be in a much better position to cope when things don’t go as you’d hoped.
You try to do everything yourself
In the early days of your startup, it’s easy to get caught up in the idea that you have to do everything yourself. After all, it’s your baby, so you want to ensure everything is perfect, right?
Again, this is the wrong way to approach things. Trying to do everything yourself is a recipe for disaster, and it’s important that you delegate where possible. Not only will this free up your time to focus on the things that really matter, but it will also give you a chance to build a strong team around you.
You forget to look after yourself
Starting a new business is an incredibly demanding and stressful experience, and it’s essential that you look after yourself both physically and mentally. If you’re not in the right frame of mind, getting your business off the ground will take a lot of work.
The key is to make sure you take some time out for yourself, even if it’s just for a few minutes each day. Whether you go for a run, read a book or take the dog for a walk, it’s important to find time to switch off from work.