Common Mistakes of Entrepreneurs
Have you ever noticed that successful people tend to have things in common?
Some are physical traits like expensive looking clothes, fancy cars, etc. but other traits are more conceptual like the courage to embrace failure and adapt quickly on the pathway to success. The same could be said about "entrepreneur newbies". You've mustered up the strength to walk away from your 9 to 5 but the future's unknown. You're not sure how you'll get paid & where to startbut you know it's time for a change. I've found that the fastest way to grow in business is to learn from the mistakes of others. Here are the top 5 things I knew before I started my business.
1 // going too fast, too soon
I'm an eager beaver. I'm Type A. Call it what you want but I tried to do too much too soon. I developed five year plans before the ink had dried on my business plan. I was already brainstorming ways to monetize my site when I was still picking a URL. I started thinking about what I would do when I hit my first anniversary but I was still setting up the bank account. SLOW DOWN. Most entrepreneurs start daydreaming of a life free of a morning commute long before they have taken the time to plan how they will survive financially in the early stages of their business. Resist the urge to do it all and focus on doing the small things well. (Tweet This).
2 // put in your two weeks notice before you had clients
Employers appreciate loyal employees. They like to know that they have delegated tasks to capable employees and the job is getting done. Do not put in your two weeks notice until you get to the point of being overwhelmed by your dual career (Tweet This). The road of the self employed is a rocky one, especially in the beginning. Give yourself the best head start you can by keeping your new endeavor to yourself until it becomes an inconvenience to your first job. This will free you up to try new things with your side hustle without the pressure of having to make enough money to pay your bills.
3 // getting subscription happy
I definitely believe there are some key sites that you should pay for in the beginning BUT you can easily go overboard with subscriptions. Keep your expenses lean in the beginning and focus on making much more than you spend (Tweet This).
4 // paying someone to make your first website
I'm sure one of the first things you added to your to do list was "create a website". Every business needs to have one because it is the #1 tool customers use to make their decision to buy. The problem is most entrepreneurs will delegate this. They will outsource it to a tech savvy friend or pay a professional. DO NOT OUTSOURCE YOUR FIRST SITE. I feel strongly about this if you couldn't tell from the caps :) Creating your first website on your own will force you to think critically about your business. (Tweet This) Even if it looks awful, now you know exactly what you need a professional to do. Don't pay them to sit through your brainstorming session.
5 // binge watching tutorials with no application
I am SO guilty of this one. I love knowledge. Love it, love it, love it. There is so much information available online about growing your business that it's easy to binge watch and never apply. Your business doesn't grow from reading tips. It doesn't count unless you implement them. (Tweet This) One of my favorite books had 183 tips to transform my business. In order to maximize all that valuable advice I took it a page at a time. Read the tip, decide if it was applicable to what I was trying to do, apply and then move on. It's a much slower pace than you'll want to go but ultimately it will produce better results.