Owning your own business, no matter what you do, is fulfilling, rewarding, and freeing. It’s also terrifying, frustrating, and full of potential pratfalls, mistakes, and missteps that could leave you not just broke but in the red. Prevention is the best cure when your livelihood is at stake. You could own a blog, a bakery, or a web design company – becoming your own boss means that the burden’s on you to make a profit. It’s never too late to familiarize yourself with the most common mistakes most small businesses make.
Taking the DIY Approach Too Far
You’re probably thinking that there are plenty of self-owned businesses that only need one person. True, there are some things that may not require any employees … except there’s not that many. Few people can do everything. There will come a time when you’ll need help with something – fielding calls, making appointments, manufacturing a product, building a website, or doing your taxes. Do what you’re good at, teach yourself what you can, but don’t be afraid to ask for help.
Avoid Any Nepotism
When you do need help, choose wisely. It’s not always the smartest decision to employ friends and family. If you have an expert in your circle with whom you can balance a professional relationship, go for it, but don’t hire the people you know just for the sake of it. Vet all your candidates closely, even outside hires.
Missing the Mark – and the Market
You can’t go in without understanding the market for your product and your target demographic. You have to check out your competitors, research the best strategies for drawing in customers, and reach out to your market instead of expecting them to come to you. You should also avoid changing your game plan, goals, or techniques on a dime – always think out your strategies.
Anything to add? Let other business owners know what you’ve learned.
