Well, if you have had to start a business, you know it not only takes planning, but it also takes guts. It is not easy to face the saturated market, let alone invest your time, sweat, blood, and tears into a dream that might not even be successful. But, for the brave who dare to push past the doubt and challenges, here are five tips to avoid when starting a business:
1. “Taking Any Advice.”
One of the biggest things when starting a business is going off the advice you receive from others, especially when you are new to the game. There will be many persons who will want to give you advice about what to do and how to do it, and often these people are not even in the market you are entering. It is vital to get information from credible and experienced people who know what they are talking about. It is also good to see proof of their expertise from their success in the same area you want to venture in. So, no taking advice from your cousin who knew a guy that knew a girl, okay?
Also, many many voices and the wrong voices can cause you to doubt what you are doing and bring on unnecessary anxiety and even unnecessary spending and additional work. Listen to the right people.
2. “Thinking Cheaper Is Better.”
You are just planning on starting this business, and you have your budget outlined and a definite plan on how to go about it. But someone recommends a cheaper route that will do the same job. What will you do? Although it may seem enticing, it is often more trouble than it is worth. Budget as best as you can but do not cheat yourself out of the excellence that your business deserves. Don’t go the cheap route; you may spend less now but may very well spend more later to rectify a mistake going cheap may cause. Invest in yourself and your dreams as best as you can and how best you can manage. As the Jamaican colloquial saying goes, “do it good and done.”
Mind you, there is nothing wrong with taking a more reasonable route, but ensure it is a good and reliable route if it involves products and services that you will be offering. You want to start your business on the best foot possible.
3. “Partnering With Anybody.”
If you are entering a Partnership arrangement to start a business, you mustn’t just partner with “anybody”. Connect with people who fit and understand the vision of your business. Your partner should have the same outlook and passion and a similar heart for the business endeavor. Partnering with just anyone does not equal a successful business, individuals have their agendas, and you must be incredibly careful about this. Work smart.
Those who you connect to become those who others see you as. Connecting and partnering with shady, unreliable persons will give your business a stain on its name and cause others to have a misconception before it has a fighting chance.
4. “Not Balancing The Act.”
The consumer is the most important person to your business; they are the ones who will be spending their money to receive your goods or service. Understand them, and know them so you can provide the best to them.
Sometimes you throw a net out, and you catch all kinds of fish; know the fish you want.
To balance things out a bit—while you must know your target audience, be open to the different possibilities of growth that may come your way. You may catch one big fish that can potentially change your business model for the better. While this is a balancing act, be open to change. Many local businesses have gone international unintentionally.
5. “Using Your Own Money.”
It is important to use wisdom when starting a business as it relates to investing. There is nothing wrong with investing in your own business, and you may have to do that at the initial stage. But do not be the sole funder of your business if you do not have to. Before anything else, seek investors, partners who can invest in your business financially.
Seeking funding should be a part of your business plan. The more investors and financial support you have, the less you will have to put your own money in the pot and the more you might be able to do; some people are looking for the right idea to fund and help build; find them.
Your business is like a baby; you care for it at its incubation, you feed and nurture it, then hope and pray that it grows up the way you know it can. Don’t allow bad advice, bad people, and bad choices to ruin the vision you have. Handle with care, and you will see the fruits of your labor.
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