Anyone who has never made a mistake has never tried anything new

The most natural thing for a working person is to start feeling that they deserve more after some time spent in a company. Such discontentment with their current position can make them bring some bold decisions and begin their own business journey. However great this may sound, this move shouldn’t be made without a prior plan. Therefore, such people should take into consideration some common mistakes that business rookies make, so as to you avoid them.

5 Common Mistakes While Starting a Business Journey

5 Common Mistakes When You’re Beginning Your Own Business Journey

Startup Common Mistakes, Image Credit – Pexels

1). Bullying and mobbing make you quit

According to research published by Forbes, about 20% of workers leave their jobs because of bullying. In addition to that, mobbing is another frequent cause of quitting a job. If such a thing happens, you shouldn’t make hasty decisions. No matter how sad you might feel, you shouldn’t leave your job out of the blue (literally). An adult person must cope with such situations in a mature way. So, instead of rushing into your boss’s office and handing in your resignation, choose a less impulsive manner. While you can keep planning how to start your own professional journey, you also have to ensure that you stay in the company until you’re ready to set sail towards your own safe business port.

2). Not informing your family

Common mistakes are much less expensive when you’re single and you don’t have any commitments and obligations to anyone. However, this perspective completely changes when you get married or become a parent. In such a context, leaving your job without conversing with your partner and family is an irresponsible and selfish step. You’re not alone in this world and sometimes talking to other people gives you a neutral insight into your position. Consulting with your friends or even parents is also a smart thing to do. Of course, it’s not about strictly obeying their suggestions, but rather taking all the factors into account.

3). Superficial planning

Hope and faith can be great assistants that will keep your morale high and help you overcome the obstacles on your business way. Nevertheless, you should never rely solely on positive energy and an open-minded attitude. What every fresh business owner needs is a detailed business plan – you can download one here, from the website of the Australian Government. Also, check out the following points of your business planning, too.

  • Target an area inside your niche that you’d like to cover. You’re a small business and plan in accordance with your capacity. For instance, a self-employed programmer shouldn’t accept simultaneous tasks in too many different areas of work, but work on one at a time.
  • Determine one superordinate goal, like developing your small business into a mid-sized enterprise in three-years time. This will be your major guide to the top.
  • Set your short-term goals. Those should be assessed and adapted as you work. If a two-week sales plan hasn’t worked out, launch special discount actions. That way you’ll free your storage space and keep the cash flowing.
  • Start learning how to make difficult and bold moves. Start by reading this piece published by the Harvard Business Review.

4). Laid-back attitude with finances

The keyword when it comes to the financial aspect of a small business is balance, as in both work-leisure balance and the balance sheet. In other words, you shouldn’t (and mustn’t, as Richard Branson claims) work too much, otherwise you’ll burn out soon, which might lead to huge losses.

Related: Top 5 Richard Branson’s Advice For Young Entrepreneurs

As for the balance sheet, beginner entrepreneurs often take a laid-back attitude with finances. This is the worst mistake you can make. If you want to ensure a secure financial future for your family, you have to follow a thrifty business manner of behavior and choose the right business structure.

Moreover, when it comes to financial planning, don’t refuse help. The financial market is often tumultuous and unsteady, which is why you should always have a backup plan, such as including invoice loans in that strategy. Ensuring a steady flow of cash is crucial during financial crises and depression, so always bear that in mind.

5). Neglecting the pulse of competition

As we have already stated, no business is an isolated entity. No matter how great your decisions might be, you can become a failure in the blink of an eye, only because you didn’t listen to the pulse of the market. For instance, if you notice that your major rivals are turning to outsourcing for some of their tasks, you should also start searching for new collaborators. Since the profits of your business will largely depend on the financial conditions of the financial environment in which you work. This is why it’s important to keep contact with your guild and adapt your business policies to the ongoing changes.

You May Like to Read: 7 Horrible Tech Startup Mistakes Entrepreneurs Make

To conclude, running a business of your own is not a bed of roses, but rather a rocky road. Some common mistakes can be corrected, but others are irreparable. So, always keep a serious attitude towards work and keep developing your own business without any rush. A rational manner and continuous learning will save you from making fatal mistakes, enabling you to become a successful business owner.

Guest Post by Stacy Cooper

About the author

From time to time, we feature outside authors on fincyte and publish their informative guest posts online. This is one of those selected guest posts. Further, opinions expressed by Fincyte contributors are their own.

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