As a new business owner, taking steps to avoid costly errors should be part of your early business planning process. Regardless of age or level of experience, an entrepreneur must be proactive in order to be successful.
In today’s blog we highlight what we believe are three common mistakes made by new small business owners and give you some tips on how to avoid them.
Entrepreneurs are often enthusiastic towards their business ventures; so much so, that they get excited and find it difficult to keep their business idea(s) under wraps. Over sharing a business idea generally occurs when an entrepreneur cannot bring them to fruition. This may be due to a lack of finance or other circumstances. Regardless of the size or long term goals of your business idea, keep any bright ideas top secret for as long as possible, gain an advantage, launch them and ensure your small business wins as much market share as possible.
Employing the wrong staff
When launching a new business, searching for skilled staff and hiring them may seem like easy pickings, but it is not. The challenges of hiring for a small business is that staff are often beginning a new role, there is no benchmark and may find is difficult to grasp the business idea. It’s worth striking a balance when recruiting; find staff with suitable experience and, perhaps most importantly, the right characteristics for you and your business. As a business owner you must aim to keep your business lean and mean. Do not let searching for the right staff get in the way of business development. Enlist the support of a recruiter to help you find exactly what you need. Failing to do so could be costly.
Lack of adequate finance
Having access to adequate finance is a key ingredient to the success, growth and development of any business. Many new small business owners underestimate its importance and subsequently may under finance their business from the beginning. This is where sound business planning kicks in. Be ready, ensure you have the resources required to be successful and be prepared for a few potential roadblocks along the way.