There are a number of things to consider when launching a business — from legal filings to creating a brand, entrepreneurs have so much to think about. And, when there’s a lot on the brain, there’s room for error. What are common mistakes new entrepreneurs make and what can they do to avoid them?
We went in search of answers and reached out to entrepreneur, business strategist and author Aysha Treadwell for her wisdom. Her new book, “Passion & Strategy Go Hand in Hand,” provides tips to aspiring entrepreneurs who are prepping to venture into a new business.
Treadwell says of the most common mistakes new entrepreneurs make, these tend to fall into the top five:
- Many entrepreneurs do everything for the business themselves for too long. It is important to establish a team of professionals that align with your business goals and strategize with you to get your business to the next level. This team would include but not limited to an Accountant, Attorney, Banker, Insurance and IT.
- Marketing to the masses versus identifying their ideal client. In the beginning, you want to build brand awareness in many ways. Marketing is trial and error but identifying the ideal client will help you target the buying habits and craft the marketing message of that client.
- Establishing a defined company culture at the very beginning. Hopefully, in the business plan stage, a mission and value statement was developed. This mission and value statement are the thread of the company culture and needs to be clearly communicated to staff during the onboarding process.
- Start the business before implementing the business plan and cash flow projections. Unfortunately, this is more common practice amongst new entrepreneurs than should be. Both of these tasks can be intimidating and overwhelming but ensure you start a business with a clear foundation and financial measures.
- Developing an Exit Strategy. Most entrepreneurs don’t want think about the exit at the beginning but this practice helps define business goals and will align your team to achieve just that!