This isn’t your typical, “how to succeed in business” piece. You can read those anywhere, right? I want to offer you advice that might stop you from making a big mistake (or five) when you’re launching your start up.
Here are the five ways you can make your start up fail:
- If you don’t have a business plan or a roadmap in place you will wander aimlessly. Take your time and put a business plan in place. At least know what you want to charge and what you need to charge to make your business viable. Know what you will say yes to and what you will say no to. It is easy in the beginning phases to say yes to every client even if they aren’t a good fit.
- You can’t always be perfect. Many who strive for perfection before they launch an idea or a project are still on the launch pad while the competition has passed them by. Get it done. Tweak it later.
- Hiring the first person you interview. Have a job description and make certain the people you’re hiring are suited for the tasks you need completed.
- Being so rigid in your business plan that you can’t bend and sway with the market and with what your clients are telling you they want.
- Not having a savings to fall back on. You don’t want to sink every dollar of your nest egg into your start up because that will leave you operating from a feeling of desperation and that might mean you’re always operating in “frantic, I need to take every client that comes along” mode.
Be focused. Work with a coach or a mentor if you’re struggling to get the start up on the right track, give us a call!