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.

  1. 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.start up business

    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.

  2. 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.

    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.
  3. 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.

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.

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