Are you planning to start-up a new business? Before you think about being an entrepreneur, read further to learn from the mistakes I made which can save you several years.
Don’t Hire till You Have a Plan:
One of the biggest mistakes I made was to make a half-cooked plan and hire people based on that. Remember when you are starting up, the number of heads means you have to pay them even when you are not getting any profits yet. So, the payment goes from your pocket and if you are not careful, then you will be under debt long before you know hence plan carefully a strategy and when you are ready, start hiring slowly. Start with a few employees and as you make a profit, hire more from there.
Do Not Take Too Long to Get in the Game:
Though you should take some time to plan but do not take so much time that your competitors move ahead of you. Take 3 to 6 months to make your entire strategy, plan resources, create goals and analyze the market.
Hire Employees Who are Like-Minded:
I had to undergo losses in the initial years because the people working with me did not gel with my thoughts. There were a few who left the company, and that made me lose time and money as I had to hire someone new and train them again. Let’s face it, you are a startup hence you will be working only with a bunch of people. They need to understand your goals so that they can work towards the company’s mission. Also, the employees should be satisfied to work in your organization so that they do not look for a different organization. If you are not able to give good monetary compensation, at least keep the environment work-friendly so that they like working for you.
Think Ahead- Be Futuristic:
When I started, the marketing trends were advertising on Television and Newspapers. Online marketing had just started but was not as big as today, so I did not bother to look into it much. Later on, when I understood its importance, it was too late to catch up, and I had to incur losses. It is very important to understand business trends beforehand so that you can apply it when not many businesses are doing it. This way you will always be ahead in the game.
If you are starting a business today, you should first go through all the upcoming business changes. For e.g., many businesses have started accepting cryptocurrency as a payment option that makes it convenient for the customers because this is global currency and decentralized. Due to its advantages, many businesses are also getting into bitcoin trading with the help of trusted brokers suggested and reviewed by TrustedBrokerz (you can know more from their about us page) and they are earning good profits.
Every Happy Customer Counts:
My business focus was always to bring in more profits which made me over-do commitments which affected our quality of service. This gave a bad reputation to my business and took some time to change the negative business reputation
Trying to get more business is good, but that does not mean you do not satisfy your customers with your products or services. If you have to leave a few customers to fulfill an existing customer request, then go for it. You may consider it as a loss but in the long run, you have assured a happy customer who will become a repeat and also will spread the good word about your business that will bring in more new customers.
If you still want to be an entrepreneur, keep your eyes open and look out for the above mistakes. You will do just fine.