5 Most Common Mistakes People Make When Starting Their Business

Starting your business can be fun and exciting. Imagine being able to make money doing what you love and feel passionate about! Yet, we all know that this experience is no picnic. But does it really have to be that hard? Not if you are prepared and have enough resources to support you. And believe me, you will need lots of resources. Many entrepreneurs find themselves lacking these vital resources because they most likely made one or more of the following mistakes.

1. Not branding themselves. I hear experts talking about marketing and sales as being two separate steps. That is true, however they forget to mention the branding step which comes before marketing. Branding is what you do before you go out there networking, speaking or advertising your services online. If you go out there not knowing how to present yourself clearly enough, most likely you will not attract any customers.

2. Quitting cold turkey. Although this may be an excellent method when you want to quit smoking, it is not the best solution to quit your paying job as soon as you decide you want to start your own business. You will need resources and lots of money to fund your new business. It may take you a while before you get your first client and you don’t want to run out of money just when you realize you may need to invest into a web site or a personal coach. Nothing is more frustrating than feeling stuck and not being able to get someone to help you because you don’t think you can afford help.

This leads us to mistake #3. Not investing enough. What I see a lot of business owners do is invest into a high-end five or even ten thousand dollar program with a mentor coach, thinking they will get everything they need out of that program. Unfortunately that is rarely the case. Sometimes we need a personal coach or a one-on-one expert to help us work through some of the struggles or challenges we may face trying to do it all ourselves.

4. Not having a marketing plan. You know what I’m talking about. You have your marketing materials ready, yet you have no idea where to go or what to do. You are not taking any strategic actions, instead you hit all the networking places available in your area because that’s what you heard you’re supposed to do.

5. Avoiding risks. Let’s be clear, I am talking about calculated risks which are necessary to take in order to succeed in your business. For example, getting out of your comfort zone by reaching out to people, investing into a program or a coach, speaking or hosting an event or simply limiting your networking opportunities to what feels safe or is close to your house.

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