Every start-up business takes time to become established and most entrepreneurs would admit to mistakes at the beginning. When setting up your own business, be it from a rented office or the comfort of your McCarthy & Stone property, there are a number of challenges to overcome along the way and it’s almost inevitable that a few false starts will be made.
- Growing fast isn’t always the best strategy Many are under the illusion that growing a company with both numbers and employees is the quickest route to success. This is in fact far from the case and quality is most certainly better than quantity. Too big a business in the early stages can cause entrepreneurs to fail financially and it’s a much better idea to begin small, by building strategic partnerships and beneficial relationships.
Don’t grow faster than you can keep up with, or you will make careless slip ups – photo by Shutterstock
However, failing to communicate effectively with your existing customers, because you’re focusing on attracting new ones, can quickly put you on a downward spiral in the business world. Avoid this by taking your time and carrying out every part of the plan in an efficient manner.
- Don’t be afraid to say ‘no’
A new business plan can occur at any time of our lives, even in retirement. Such a business plan is a great way to do something you’ve always wanted to do and it’s a much easier process when you have a little collateral behind you.
Know when to say no – by Shutterstock
If you have a great idea, there may be no better time to start out alone. As a new business, it can often be difficult to say the word ‘no’ – especially when you wish to reach out to as many clients as possible but taking too much on can be a recipe for disaster. One good job is much better than several mediocre jobs. This way, you’ll earn a reputation for your work and not for your haste.
- Don’t over plan Another mistake a number of small businesses tend to make is planning too much. Instead of focusing on the present, various start-ups will spend all of their time planning the future. This can lead to poor execution, a failing business and a series of weak, unreachable strategies. If you are trying to stick rigidly to a plan drawn up too long ago, you may miss some opportunity which could not have been foreseen when the plan was drawn up.
A plan is better than hope for the best, but don’t get too hung up on it – photo by Shutterstock
It’s all well and good to create a business plan but keep it realistic and only aim to plan a maximum of five years in advance. This will give you the time to achieve all of your goals as opposed to none of them – and all without taking on more than you can chew.