How to Run a Business without Costly Mistakes

Article Contributed by Dan Radak

When you are a new business owner, the easiest thing to make is a mistake. While mistakes are expected in every new startup, some of them should be avoided at all costs. Not only that they can ruin your morale, but serious mistakes at the beginning of your career can influence the later steps a fresh startup owner takes. This is why we have prepared an insight in most common mistakes fresh entrepreneurs do in an attempt to save you from a bad business start.

Having a detailed plan

It goes without saying that every new startup launcher has a certain business plan. However, plans can differ significantly and the sheer fact that you have a plan does not have to mean anything if that agenda is lousy. So, while you are dreaming about your future business, take some time to think hard beforehand and write down everything that you expect from your business during its first year. After a few brainstorming sessions, you are supposed to produce several sheets of paper with your ideas, strategies and business goals. Now it is time to start narrowing down your focus and divide the details into several consecutive stages. When this phase is finished, you can say that you have a detailed plan with all the relevant aspects for your business.

Strict approach to finances

When a young entrepreneur makes a lot of money overnight, it might end up as a complete disaster. Although everybody who decides to start a business wants to come up with profits as soon as possible, it is better for a young person not to succeed too fast. If you are struggling to make money, you will be much more careful when it comes to spending and investing. Therefore, before you discover how you behave when you have a lot of money, hire a financial advisor and keep them informed on everything you are doing. In addition, it would be smart to start using a budget-tracking app, to have all your personal expenses in one place. Only a reasonable approach to your personal and business finances will make you a successful entrepreneur. See how the billionaire founder of Ikea saves money, in a piece published by The Guardian.

Marketing hitting the target

Most young entrepreneurs think that they can cope with all the business challenges all by themselves. While being self-assured is generally considered a desired trait for a businessperson, it can also have numerous negative effects. Even if you are highly skillful and educated in your primary profession, you cannot cover other business aspects with equal efficiency. For instance, you can never master all the marketing skills necessary for the modern business world. The demands are simply too complex for a single startup owner to deal with them. To make sure that your marketing hits the target and yields profits, try to outsource the marketing services, especially if you also have to deal with ecommerce features. However, be careful when you are choosing the associates, since working with ecommerce professionals, such as Magento web design experts, is much different than hiring amateurs from developing countries. Take care of the quality of the service and not only the cost.

All three major mistakes described in this piece can direct your business to a dead end street. Although a failure is only one stop on your way to success, it is much less stressful to make the business work properly from the very beginning. So, avoid these mistakes and keep your business growing slowly but steadily, until you have passed through all the stages from your business plan.

About the Author

Dan Radak is a marketing professional with ten years of experience. He is a coauthor on several websites and regular contributor to BizzMark Blog. Currently, he is working with a number of companies in the field of digital marketing, closely collaborating with a couple of e-commerce companies.