Best way to avoid making mistakes for first time business owners

1. Common
Mistakes Made
by First-Time
Business
Owners 10

2. 10 common mistakes made by first-Time Business Owners
Oh, if only there were a foolproof plan for starting a business. Think
of all the sweat, tears, and money that would’ve been saved over the
years. There’s nothing easy about carving your own professional path
by starting something from scratch, but it can be vastly rewarding.
Of course, before the rewards comes the business plan, the marketing
plan, the market research, and maybe even a business slogan.
1 2 3 4 5 6 7 8 9 10
This all might seem like a lot, but the best way to successfully start
your own business is by avoiding the mistakes others have made
before you. Here are 10 common mistakes the first-time business
owners make and how you can get around them.
2 | How to Use Hashtags Correctly

3. 1. Not Knowing Your
Technology
Chances are technology is going to make up the backbone
of your business. Whether it’s the computer you use to
design websites for clients or the point-of-sale system
you use in your cozy café, you need to have the technology
that supports your business needs. Find something that
fits within your budget but is known to be reliable in your
industry.
And as Forbes notes, don’t forget to back-up everything. Too many
businesses forget this mundane but crucial step - and end up losing
everything in the process.
3 | 10 Common Mistakes Made by First-Time Business Owners

4. 2. Not Making a Great Website
Forbes also notes that a website should be an important
part of your online marketing plan. They rightly note that
it’s generally the first thing people come across when
researching your business online.
So make sure your website looks as impressive as possible.
You’ll also want to make sure that it offers all the information and
features that it should. For instance, if you own a restaurant, make
sure you provide a menu. If you’re professional photographer, include
examples of your work. The more detailed, the better. And of course,
make sure the site looks good on PCs, phones, and tablets.
4 | 10 Common Mistakes Made by First-Time Business Owners
?

5. 3. Thinking Social Media
Doesn’t Matter
Too many businesses think they don’t need to incorporate
social media into their marketing plans. Their reasoning
is that it’s not right for their business or that it takes too
much time away from other thing things they’d like to
focus on.
But like it or not, social media has changed the way we do business
forever. Sure it’s another thing to focus on, but the benefits are
substantial. So once you’ve built a solid website, focus on bringing
your business to platforms like Facebook, Twitter and Instagram.
5 | 10 Common Mistakes Made by First-Time Business Owners

6. 4. Not Knowing Your Costs
One business owner tells Entrepreneur that one of the
biggest mistakes she made when starting a handbag
company was incorrectly pricing her items.
“I didn’t understand that with any kind of clothing or accessories,
you have to calculate the square footage of fabric, including the
wasted fabric,” entrepreneur Sarah Shaw tells the site. So be sure
you have a firm grasp your costs and revenue, otherwise you’ll end
up in a financial tight spot.
6 | 10 Common Mistakes Made by First-Time Business Owners

7. 5. Not Having Goals or
a Business Plan
Predicting the future is difficult when it comes to starting
a business, but that doesn’t mean you shouldn’t try. Look
ahead by setting goals and having a business plan that sets
you up for where you’d like to be in five, 10, or 20 years.
Too many businesses - especially small ones - only think about the
immediate future without setting benchmarks that will help them
expand and make more money. Yahoo News says that writing down
goals can help you achieve them, as well as and making sure each
employee knows what goals are their responsibilities.
7 | 10 Common Mistakes Made by First-Time Business Owners

8. 6. Not Knowing and
Serving Your Customer
Customers aren’t just people who walk into your business
or visit your website. They’re human beings with need
and desires - and they’re your best bet for earning more
customers!
Too many business don’t properly serve their customers, or they
believer their customers are of a completely different background and
demographic than what they truly are. Focus on giving your customers
the best experience possible. Listen to their feedback and make sure
you’re always giving them what they want. And always know exactly
who you are serving.
8 | 10 Common Mistakes Made by First-Time Business Owners

9. 7. Thinking You Know
and Can Do Everything
When it comes to opening a business, it can be temping
to think of yourself as the expert. But that’s a mistake.
The best business owners - from Steve Jobs to the
woman who runs the hardware shop down the street -
hire employees that know what they don’t know and
can accomplish what they can’t.
As the old saying goes, “If you’re the smartest guy in the room, you’re
in the wrong room.” After all, you always want to be learning, and
you’d be amazed at what a great group of employees can teach you.
9 | 10 Common Mistakes Made by First-Time Business Owners

10. 8. Taking Shortcuts
Shortcuts always sound like a great idea, but they can
often end up being more trouble than they’re worth.
So if you see a shortcut that you’re 100 percent certain will pay off,
go ahead and take it, but be sure you’re not just trying to cut corners
or achieve success that has yet to be earned. It’s extremely rare,
if not impossible, for a business to become an overnight success.
So put in the work before you reap the rewards.
10 | 10 Common Mistakes Made by First-Time Business Owners

11. 9. Not Being a Leader
While it’s important to hire employees that can teach you
a thing or two, as a business owner, you should think of
yourself as the leader.
This business is your vision, so be sure to take the lead whenever
possible. Encourage your employees and don’t forget that you’re their
boss first and their buddy second (or maybe not even that). Strong
leadership will help your team achieve success.
11 | 10 Common Mistakes Made by First-Time Business Owners

12. 10. Giving Up
As a first-time business owner, it can be tempting
to give up at certain points in your adventure.
In fact, many business owners give up before
they’ve given their dream a fair chance to flourish.
As tempting as it may be to throw in the towel when things get rough,
push forward. Yes, there will be times when giving up is the for the
best, but keep in mind that the greatest entrepreneurs all faced
hardship at some point and made it a point to keep going.
12 | 10 Common Mistakes Made by First-Time Business Owners All images are subject to copyright.