5 Things to Avoid When Opening a Business
Being your own boss and achieving financial security are the end-goals when opening a business. Working for someone else can be draining, but putting in the time to gain experience and learn operations is essential. Whether it be a small business with three employees or a large corporation, being a cog in someone else’s machine can wear away the foundation in which to build your best life.
The Foundation of Building a Business
What does your foundation look like? I like to imagine the timeline of our lives as building a house. Start from the bottom and work your way up. You dig the hole, pour the foundation, and wait for it to dry. From the foundation, you start building the frame of the structure. Easier said than done, of course. But one must have a concept of what the structure will look like when it’s finished before you even begin! Before any construction project begins, there’s a lot of planning; that’s where most folks get stuck opening a business.
Here are 5 things to avoid when beginning your new business venture.
#1) Don’t Start Without a Blueprint
There is always more to learn in any industry. Start by doing research! It is not fun and for the most part, it can really determine how serious you are about starting the business. For example, if the thought of researching different coffee beans and flavor palettes sounds like dragging your knees over broken glass, then maybe opening a café isn’t for you.
Are you opening a storefront? What is the traffic count of your location? What’s the median income? What’s the average profit margin for your industry? What is your competition like? Not only do you need to understand the industry, but you also need to understand the market.
#2) Don’t Do Everything Yourself
When in the beginning stage, the responsibilities of an entrepreneur can seem overwhelming. You may find yourself feeling like you’re alone on a life raft in the middle of the ocean. You may be surprised how many people in your inner circle have references to professionals that focus on helping people start businesses! Reaching out to an accountant, banker, and attorney is only going to set you up for success. Of course, these people are professionals as well, so they are probably going to charge for their services. Which leads to number three.
#3) Don’t Forget to Budget
The number one reason businesses fail is due to running out of money. Opening a business and becoming profitable are two different things. Trying to make a living is incredibly expensive. Not only do you have to pay the government for the privilege of owning your business, but there are also fees associated with almost everything. The professional services you need to get started, the product costs, retail location, insurance, payroll, utilities, hardware, software, marketing, these all cost money! It is extremely important to do your best to calculate the expenses as best you can and work them into your annual budget.
#4) Don’t Resist Change and Growth
Businesses change every day and the ones that don’t, generally fail. Being able to change your approach, change your target market, change your marketing strategies, all of these are imperative to success. Always be open to new ideas and new strategies. Technology is making things easier to operate businesses, but it also makes it easier for consumers to expand their options.
Be open to learning, being uncomfortable is how you know your growing as a person.
#5) Don’t Dwell on the Situation
There’s a time for thinking and a time for doing as well. We can plan, think, consider and strategize until we can’t anymore. But we also need to take action and be confident in our decision. If you’re opening a business, you also need to be decisive.
As a business owner, there will never be a shortage of obstacles and situations out of our full control. Take the time to process your feelings and then begin creating solutions to those obstacles or problems. There is no checklist for a successful business. Every millionaire in the world has failed at least once, oftentimes more than once. Their secret is they didn’t see their lack of success as failures, they saw them as opportunities to learn and grow. The hardest part is starting.
If you’re having trouble starting or growing a business, Focused Business Solutions can help! We offer a full-service marketing solution to help your business succeed. From graphic design and websites, to print shop materials and digital advertising, we’ve got your back when opening a business.
Free Resources for Opening a Business
