When you are starting a business, you will be bombarded by well-intentioned advice from all corners on what to do, how to do it and when to do it! Just a quick search on the Internet and you will be left dazed and confused by the sheer amount of articles available on what you should be doing when starting a business. However, there is very little advice forthcoming about what not to do and the pitfalls to avoid. So with that in mind, read our list of 5 things not to do when starting a business to help you navigate the often murky mire of start-up business!
Don’t Keep your Business Idea to Yourself
Keeping your business idea to yourself out of fear or lack of confidence will only do yourself and your burgeoning business a disservice. Ideas are meant to develop and flourish and can only do this when they are shared. Make sure you have a close group of family and friends whom you can trust to share your business idea with. This will allow you to perfect and hone your idea which will help in its eventual success.
Don’t Forget to do your Market Research
One of the most important things to do when starting a business is to carry out market research. Don’t underestimate the power of market research because if you don’t carry it out, you could be setting yourself up for a failure. It pays to test your business idea before you start your business as it gives you an indication if people will actually buy your product or avail of the service that you are offering.
Don’t ignore the Competition
Your business idea is bound to face some competition; it’s the nature of the game you are getting into. Therefore, it is imperative that you assess your level of competition so that you are aware of the challenges facing your new business and the number and type of similar business to yours that will be clamoring for the same market segment.
Don’t try to do everything yourself
Your business idea will become your baby and you won’t trust anyone else to do anything connected with it. However, this is a major mistake that many new business owners make. One person cannot have all the necessary skills to look after the project management, human resources, accounting, advertising and marketing. Learn to delegate, hire or outsource and your business and your sanity will thank you for it! It can particularly help to hire an accountant or financial planner to look after technicalities.
Starting your new business does not necessarily require a large capital outlay but it can be tempting to load funds into your business in the belief that the best of marketing and the most expensive equipment or the best of software will make your business a success. Consider other less expensive methods and options before you go spending money that you don’t need to, and also make sure you stick to a business budget.
Author Bio: David Dunne is an online marketing consultant and copywriter working on behalf of Aardvark Accountancy Services in Dublin, Ireland.