7 mistakes to avoid when launching your business
Entering the entrepreneurial world is exciting but also challenging and tricky. Here below, we have listed for you 7 mistakes to avoid when starting your professional activity. Happy reading!
1) Rushing the launch
Take the time to define in detail your project: your goals, your strategy, your target, etc. The time you will spend on it now at the beginning is crucial for the development, the growth and success of your project.
2) Choosing a project that does not take into account who you are
Be careful, creating your own business, starting a new project will take a lot of your time and energy. You will have ups and downs, so you need to choose a project which truly motivates you, taking into account your competencies, your desires and your inspirations.
3) Ignoring the competition
You will most likely have competitors and ignoring them is a huge mistake. You need to do research to find out who they are, what they do, how they do it, where they are. You can learn from them, use the information already out there to develop your own product/service, to define your strategy and stand out from the competition.
For example, your pricing strategy should take into account your competitors’ strategy. If you set your price too low compared to the competition, it may suggest that your service/product’s quality is lower. On the other hand, if your price is too high it may limit your number of potential customers.
4) Not knowing your market and future customers
This is key! As mentioned just above, you have to do some research to know your competitors, but also your potential clients (who they are, their expectations, their habits, etc) and generally speaking your market. You can have the best service and product in the world, if you do not have potential customers… your efforts will be useless and your business has no chance! For example, you decide to open a butcher’s shop without doing any market’s research and then you realise that 80% of the local population is vegetarian. Fail.
5) Keeping silent about your project
You have a great idea, talk about it! Meet people, present your project, discuss your ideas, collect feedback, exchange tips and advice. Having external points of view on your project is very useful, it helps to think out of the box, to be more creative and to develop your strategy. Also you need to make yourself and your project known so get out there and network as much as you can.
6) Focusing on one skill only
You are passionate about your job and you only want to spend time doing what you like the most. You are afraid or you simply don’t like administrative tasks or accounting for example. When you start your own business, you need to multitask and be open minded. Do not stop at what you do best but develop new skills to conduct all tasks to develop your activity. So roll up your sleeves, follow trainings by qualified professionals or train yourself online but be prepared to do what it takes to carry and develop your business.
7) Confusing to be online and be visible online
To make yourself known, you created a website, a blog, a page on one or more social media platforms… congratulations you are online! But this does not mean that you are visible online. To do so, you must develop and feed your pages, make them alive, create and share content to allow good SEO so that people will look for you and find you!
And for you, what are the mistakes to avoid when launching your business?