Most business teachers, coaches and blogs will tell you many things you should do when starting up a business, but little attention has been given to the things that you must avoid. There are things that you must not do when starting a business. This is why many people read many books, guides and things to do, but still fail in business. Your education is incomplete until you know both what to do and what not to do. Here are the most important things to avoid in business at the start up stage.
CHOOSING THE WRONG BUSINESS – There are many reasons why a business is wrong for you. When you choose a business you do not have enough knowledge and skills for, that’s a one way road headed to the ditch. When you choose a business without proper research, it will fail. Most people choose the wrong businesses because of greed; they just want to make money. However, it doesn’t work that way in the business world. Businesses survive because of the value they offer. People don’t buy because you want to make money, but because they find the value they want in your product or service.
WAITING TILL YOU HAVE THE PERFECT PLAN – Just like you can’t experience a place by reading and hearing about it, you can’t experience the business world with getting into it. Many businesses fail because they never start. They wait for so long to have all things in place and know what exactly to do at every point in their business before launching. Most times, the time never comes. If it does come, it will be late and you will discover your plans are not valid. While you try not to wait for perfection, don’t rush into it either
TRYING TO BE A ONE MAN BAND – You can not be a whole band or even a quartet all by yourself. You will get tired too soon and you will do many things wrong. No matter how versatile you think you are, you can’t be the best marketer, salesman, accountant, customer support etc., in your business at the same time. You may not even employ or partner with anyone at the early stage, but you must carry people who are able to guide and advise you along. Don’t try to do it alone.
SPENDING TOO MUCH MONEY – The saying does go that you spend money to get money, but you don’t have to spend all the money to make money. Sometimes, you don’t even have to spend any money at all. People pump money into adverts, packaging and appearance such that they neglect the value the offer their customers. When you pump money into your business without giving value to your customers, you will only become popular. You won’t make enough money. It may even be worse, customers may tag you a bad business because you don’t give value and this will cripple the business from going forward after you have made a huge.
When starting a new business, find what you know how to do, do it better than most, carry people along and don’t wait till you have it all planned out.