9 Major Mistakes to Avoid As A New Business Owner

Updated: Mar 26


Stressed Business Owner
9 Major Mistakes to Avoid As A New Business Owner


Starting a business is an exciting journey.


As exciting as the business journey can be, there are so many missteps I wish someone would have warned me about before I started.


To save you time, I will help you avoid common mistakes that many entrepreneurs make when it comes to running their business.


Keep reading to learn the solution to avoiding these 9 mistakes, and these solutions into your business to help you become a better decision maker in your business.


1.) No S.M.A.R.T Goals


When I first started out, I wish someone would have told me that a major part of marketing is about goals. Without them, you have no way of knowing whether or not your work is paying off properly. Just like going on a walk or a road trip, travelling aimlessly would lead us to get lost!


SMART goal setting stands for Specific, Measurable, Attainable, Relevant, and Time-Based. Using SMART goals increases your chances of business success.



“Marketers who set goals are 376% more likely to report success than those who don’t. And 70% of those successful, goal-setting marketers achieve them.”


Examples of Common S.M.A.R.T. Business Goals


-Drive more sales.

-Grow brand awareness.

-Expand market share.

-Develop stronger relationships with stakeholders.

-Enter new markets or territories.

-Reach new audiences or demographics.

-Raise more revenue.

-Secure funding.

-Increase profits.


2.) No Marketing Plan


As a new business owner, overlooking your marketing plan is a recipe for disaster. You must have a game plan as to how you will connect with your ideal client. A Strong marketing strategy educates, informs, engages, sells and grows your audience.


Lock down your marketing plan before you find yourself scratching your head, wondering what to do next.








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Examples of Common Marketing Goals:


-Increase website traffic.

-Gain more social media followers.

-Grow an email list.

-Improve conversion rates.

-Increase website or social media engagement.

-Drive more click-throughs on paid ads.


3.) No Systems in Place


Deciding to expand your business before having key structures in place can lead to complete disaster.


Don’t underestimate the power of your organic growth! Get systems in place proactively so you don’t have to deal with a headache later on.


A Few Examples of Important Systems You May Need:


  • Onboarding Process

  • New Hire Process

  • Payroll

  • Invoices

  • Emails

  • Accounting

  • Task Management


4.) Setting Prices too Low


When you’re first starting out, a lack of confidence is normal. What you don’t want to let happen is to allow your lack of initial confidence to destroy potential business relationships and ultimately repel high-value clients.


Avoiding pricing mistakes at the beginning of your business journey and being strong in your pricing proposition go hand-in-hand in building a super profitable business.


Be confident that your products and services have value, and you'll effectively attract higher value clients, avoid pricing battles, and take your company to the top.



Hire A Business Coach
9 Major Mistakes to Avoid As A New Business Owner

5.) Not Hiring a Business Coach


A business coach knows the value of sharing ideas with someone who understands them, and is subjective enough to want a lot for them, yet objective enough not to be biased or self-serving.


Just you talking about your options with someone who can listen is often enough to have it all become very clear. You'll always get honest, constructive views.


Success is that much more achievable when you learn from others and accept help from professionals.



6.) Not Collaborating with Other Businesses


Many of us tend to be so individualistic that sometimes it’s hard to consider relying on someone else.


There are a host of benefits to these types of relationships, including: Saving money on shared expenses. Expanding your customer base. Utilizing a partner’s expertise in a given area. Having a trusted advisor. Capitalizing on another company’s size or prestige.


Relationships with vendors or suppliers are also key places to cultivate alliances.


Consider the following methods of collaboration:


-Advertising together.

-Sharing marketing efforts.

-Sharing trade show booth space.

-Co-authoring presentations.

-Co-branding promotional products.

-Offering referrals



7.) Wasted premium time on tasks that generated no income


Wasting premium time on mundane tasks during business hours when you need to be networking and selling is a big no-no!


I found myself designing color pallets and coming up with templates during critical business hours when I should have been doing the things that would expand my business.


Spend this “premium time” by doing more long term beneficial activities such as connecting with someone for a business lunch, sending out networking emails or direct messages, engaging with your target audience on social media.



8.) Trying to Do it All By Yourself


Overextending yourself causes undue stress on the business assets which may lead to ultimate failure.


I wish someone told me sooner about the value of a virtual assistant, and the power of outsourcing.


As a new business owner, I was trying to be a jack-of-all-trades. Although I thank God for my many talents, I know I am able to do my best when focused on the business tasks I excel in.





9.) Skipping Self Care


Skipping self care is the worst mistake I could have ever made as a new business owner.


I was working 7 days a week with little to no time to recoup.


After a while, I began to resent my business. I poured all I had into others and had little left for me!


Don’t let this happen to you. When you’re a new business owner, be sure to carve out time for yourself, the people, and hobbies you love. Starting early on will ensure you carry strong self care habits into your successful business journey!

~


I hope you were able to learn from reading about my mistakes as a new business owner, and avoid them at all cost!


And with that, you’ve got this!


Source(s): https://coschedule.com/marketing-strategy/marketing-goals/

https://www.fastcompany.com/3039014/what-teaming-up-with-another-company-can-do-for-your-business


GOOROO Virtual Assist will create quality content that will educate, inform and inspire. We’ll also increase followers and boost engagement by managing your social media platforms. For more information about GOOROO Virtual Assist and how we can support your business visit https://www.gooroovirtualassist.com/wecanhelp. Email info@gooroovirtualassist.com



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