You’ve got your:
- Basic 2 pager business plan
- DBA established
- Email marketing system
- Social media plan
- Basic website
- Facebook page
Your all set to launch, right? The answer is yes and no. Many 5 day start-up plans and other quick start systems can be misleading. An eager entrepreneur can quickly fall victim to incomplete information, which can lead to an unsuccessful launch. With all that being said, I have compiled a short list of fatal mistakes many new entrepreneurs make when launching a new business.
#1- No solid plan for how initial revenue is to be used. This is an easy trap to fall into, the minute the money starts to roll in, you start spending it. Without a plan, you will soon find yourself without the proper revenue to sustain the business and then looking for ways to keep the business going: dipping into personal accounts, running up credit, taking out loans- just digging a deeper financial ditch to pull yourself out of later- if at all.
#2- Being a One-Woman Band– In an effort to conserve money, most new entrepreneurs become the all in one business person- you do the product creation, sales, marketing, graphic design, distribution, accounting, ……. cleaning- everything. Realistically it seems like an expected responsibility as a new launch- however, you will soon feel overwhelmed and start dropping balls in areas that will sooner or later be critical to the success of your business.
#3- Under- estimated the amount of time needed to launch a business. This is a biggie, especially if you are still working a job. Ambitious entrepreneurs are usually very busy, especially women who have committed to any caregiving responsibilities. The mistake is you erroneously believe you can squeeze building a business into an already tight schedule. This fatal mistake usually lead to a breakdown in business growth because not enough time has been spent nurturing the health of the business.
#4- Stop Grinding– Don’t lock the lid on your potential by thinking “I got this” and stop learning. The moment you stop grinding, your business starts dying. Grind Theory describes the endless pursuit of success. Once you reach the top, it’s time to go to the next level. continues growth and learning are essential to business success.
#5- You don’t have a business coach– shameless plug- but his is what I do. Helping new entrepreneurs avoid such fatal mistakes and build a sustainable business. The benefits of a coach will guide you through aspects of business development that may not be your strong suit. For example, if you are opening a day spa, you may be great at product development, service implementation, and customer experience. However, things such as payroll, quarterly reports, and health codes may not be in your area of expertise. A coach is there to insure ALL aspects of your business are fully functional, therefore increasing the success and road to legacy status. Without a coach, you are working with blind-spots, trying to self- educate in areas that require deeper levels of experience to successfully navigate.
As a new entrepreneur, don’t find yourself making these fatal mistakes, connect with a business coach that can teach you how to build a solid plan, build an effective team, build a time management system that works, and build your business knowledge-base along the way.
Click the link to register for your free- one on one 30-minute business building assessment- learn the areas where your business structure is strongest as well as areas that will need more attention. FREE ASSESSMENT