1. Thinking your work is more important than ‘running and operating’ your business
A lot of people that start a new business see it as a way to be able to do the work that they are passionate about and to do it on their own schedule. For example, a massage therapist opens her own practice but never really wanted to take on the daily operations of running a small business. People often don’t realize what is involved in running a business or even what is involved with being self-employed. The systems that need to be in place and the experience needed to get what you offer out to the world are often overlooked in the excitement of the new venture. It is important to learn all aspects that are involved with running a successful business before you open the door. Know that all parts of your business are as important as the work output.
2. Thinking you can do everything yourself
Most entrepreneur (especially first generation entrepreneurs), will start out with limited resources. In order to cuts costs, this often ends up with the business owner doing everything themselves. This does not work for the long haul. There are not enough hours in the day so core parts of the business begin to suffer. A lack of focus and expertise in key areas often leads to failure within the first year.
The best thing to do to avoid this is to pinpoint the areas of your business that you are not very efficient at and hire people that can take on those roles. Although you’ll have increased costs, you’ll see more growth. You have to keep in mind that it does take capital to build a successful business. Trying to do it on a shoestring budget is one of the main causes of small business failure.
3. Not celebrating the small wins
The key to success is realizing that building a thriving business does not happen overnight. It’s important to celebrate the small wins that happen along the way as opposed to only focusing on the end goal. Doing this will increase happiness and keep you motivated. Because the start-up world is such a fast-paced environment it is rare to see a new company that pauses to enjoy a moment when something goes well. Don’t miss the little milestones that lead to big success.
One of my strongest beliefs is that we must enjoy the journey as much as the destination. The wise minds I follow all have said that in the end, the joy and excitement were actually within the journey and I take that advice to heart.
4. Not connecting and offering value through email right from the start
New business owners are usually not aware of the immense value in email marketing. Instead of allocating email marketing the time and resources it deserves, they focus on creating content, social media, paid ads and SEO. Putting email marketing on the back burner leaves a lot of money on the table.
Stay in touch and provide value to the people you reach by utilizing email marketing. Because of the amount of web noise these days you improve the odds of capturing your ideal client’s attention by offering a gift or freebie in exchange for an email address. Therefore, don’t wait to start email marketing. Start right away and keep getting better.
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