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7 Rookie mistakes to avoid when starting a business

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“I’ve never been mistaken except for once when I thought I was mistaken, but I was mistaken.” While it would be wonderful if we were all perfect specimens who never committed any kind of error, running through life without any misstep or mistake.

But then the world wouldn’t be as much fun and enjoyable as it could be. We may not even have chocolate chip cookies or penicillin! If there were no chocolate chip cookies, then no one would have ever discovered how well they go with a cold glass of milk and the book If You Give a Mouse a Cookie might never have been written.

So that’s why we’re taught to not worry about mistakes, but learn from them. It’s a way to get better and improve yourself for the next step.

There are mistakes, however, that you want to make sure and avoid, especially if you’re starting a business. Some of them may set your business idea back weeks or months or could prevent you from getting off the ground entirely.

Below, we’ve compiled seven mistakes you need to avoid like the plague when starting your business.

Making big promises

You may have dreams of your business being the next Amazon or wowing the judges on Shark Tank. No one wants to be a Debbie Downer, but the fact of the matter is those odds are incredibly slim.

It’s important when you start a business to make realistic, achievable goals. You don’t want to say to your investors that you expect profits to be up 500% after the first quarter or you plan to open up in five new markets after three years.

It’s great to dream big, but make sure you’re setting realistic goals for yourself and your business.

Not being online

Let’s get digital, digital! Isn’t that how the song went?

Everything these days is online, but it may surprise you that a whopping 50% of small businesses don’t have a website. What?

Even if you’re not the most tech-savvy person out there, it’s important for you to set up a digital presence. Consumers can find you easier, you can run digital marketing campaigns, and track progress. At the very least, you can make a social media page to connect with consumers.

Not researching pricing

If you’re new to the business world, it can be hard to determine “how much does X cost” right off the bat. Many times, businesses will underprice their products for fear of scaring off customers.

Pricing is a long equation and can be quite competitive. It’s important to research competitors and your market audience in order to determine the ideal prices for your products or services.

Delaying the legal agenda

It’s always helpful to make lists, especially of items from most important to least important. Some things can be left till tomorrow or the following week, but legal items should be pressed to the forefront.

Why? Because ignoring these could land you in hot water later. Legal issues can also be confusing, so be sure to look for helpful sources to navigate you through the murky waters.

Not planning for a rainy day

You may be a giant ball of energy and momentum that can only see the positive side of your business. That’s a fantastic quality that more people should have, but it also pays to be prepared for the worse.

It’s important to stay flexible and ready if your perfect plan don’t come to fruition. Have a contingency plan set in place and think about how you’re going to keep your head above water if business starts slowing down.

Skimping on market research

Not every man, woman, and child is going to want to buy your products or use your services, unfortunately, That’s why market research is key when starting a business.

First, you need to have a target audience in mind and research their habits, personas, and more to determine how to sell to them. You can’t just rely on your best friend who says, “sounds like a good idea” as your main source of research.

Riding solo

There will be plenty of days and nights where you feel like you’re a warrior woman, doing it all alone. You probably can, up to a certain point. You may be an accounting and bookkeeping genius, but do you know anything about the legal side?

While doing it all alone makes for a great story, you’re likely to get overwhelmed and make some major mistakes somewhere along the line. It’s perfectly normal to admit you don’t know something and seek help. You’ll thank yourself later.

About Business Woman Media

Our women don’t want to settle for anything but the best. They understand that success is a journey involving personal growth, savvy optimism and the tenacity to be the best.We believe in pragmatism, having fun, hard-work and sharing inspiration. LinkedIn

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