5 MISTAKES TO AVOID AT FIRST STAGE OF YOUR BUSINESS

Hi, this is our series on how to run a business. We develop it to share with you our experience and put together what we learn studying and meeting best entrepreneurs. Today we are going to talk about 5 things you should know at first stage of your business. Let’s go!

  1. Waiting for perfect time

You will never get a perfect time for your business. You might be too young, too old, not experienced enough or not having much money to invest – it does not really matter if you are able to sell. Even if your web site is not amazing or you did not make a great marketing campaigns yet – try doing what you already can. In his book “Rich Dad’s Cashflow Quadrant: Rich Dad’s Guide to Financial Freedom”, Robert Kiyosaki says that the key elements, namely the right people, great opportunity and money for investment, rarely come together. Good entrepreneur does not wait for all lights to be green.

  1. Taking advices you are not convinced to

You will meet many people with wise advices, but you are the one to decide. No one really know your business as good as you do, and no one care about your company as you do. Try to figure out on your own what kind of firm you want to run and how you want to advertise it.  Make your company basing on ideas coming from your heart, on what you feel is right. Even if you make mistakes – you get a valuable experience. Do not follow each advice blindly. Trust yourself, analyze them and fit all you learn into your own puzzle.

  1. Not calculating

As billionaire Tim Draper said: “You don’t get rich being extravagant, you get rich being cheap”. Try to maximize effectiveness & reduce costs – check our article about 5 ways to cut business costs. Make your company run in a smart way – use free channels of marketing, flexible employment, outsource business processes or hire virtual employees.

  1. Treating people unfairly

Fair does not mean according to personal relations, but according to real added value to your business. Treat people including yourself with respect and empathy, and you can’t go wrong. Someone said that treating others with fairness and dignity is the “rain” that helps them to grow and be fruitful. Apply it to your partners, clients, and employees.

  1. Not focusing on profit

The most important number in your company is sales index. Your business will not grow without profit scale. Make sales by applying marketing steps into your business. The most important of today’s sales skills is simply understanding the buyer. Understand who your client is, what he/she does, what problems they need to solve and what they expect from your service etc. – make detail description and research the market.

Thank you for reading this article. What business do you run? Do you have any legal issues? Share with us your experience, leave a message and let us know your questions.