Shifts in the economy, unforeseen challenges, and simply running out of capital are among the most common problems which can destroy a promising business in a heartbeat. While these can all be extremely damaging, there are many would-be business ideas which fail to take off mainly due to mistakes made by the owners.
I’m sure you want your business to be successful, so here are a few big mistakes to avoid like the plague.
Stretching Yourself Too Far
When you first decided to start your business, you probably dedicated every waking second to fine-tuning your brand identity, business plan, the tone of your marketing and any number of other details.
Once you’re used to working this hard and finally start getting customers, it can be easy to over-promise in terms of what you can do.
This is where everything starts to go sideways really fast. When you’re not quite sure of your capabilities, make sure you’re avoiding over-promising at all costs. This will only pile on the pressure for your staff, and lead to your business under-delivering.
Of course, failing to meet your promises can be damaging to a business. However, in a start-up environment, it can be so much worse.
You’ve probably heard that old saying “imitation is the sincerest form of flattery”. While this is true in some circumstances, it can be pretty dangerous when it comes to getting a business off the ground.
Don’t think that just because a particular strategy worked for one of your big role models that it’s sure to work for you.
If you make choices which lead to you starting off having to play catch-up with your benchmarks, then you’re already going to be at a massive disadvantage. If you think you’re going to be able to catch up with the market by taking shortcuts, then you’re gravely mistaken.
Obviously, when you’ve got debts or employees to pay, it’s going to be pretty hard to deal with various necessities on your own steam. If you’re finding your resources to be pretty stretched, then it may be worth outsourcing, say, your health and safety compliance, to a consultancy such as Ellis Whittam.
Okay, so you’ve secured all your funding, launched your first marketing campaign, and you’ve begun to turn a profit.
After this one little flicker of success, it can be easy for a lot of business owners to get a little cocky, and move promptly to bite off more than they can chew!
It might seem like you can just carry on riding that wave, but countless businesses run into obstacles by trying to expand into markets and niches that they’re not prepared for.
Obviously, you’ve got big ideas for your business, and you should be pursuing them. Just make sure you pace yourself!
As hard as it may be to put a certain project or acquisition off for a long time, this is often a necessary evil for business owners who want to assure their own long-term success.