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Seven Common Mistakes When Starting Your Own Business

Tips| Entrepreneurship
September 15, 20224 min read

No one starts a business without making these common mistakes. It is impossible to know everything about the industry you are entering and who your competitors are at first, but it is important to recognize what those mistakes were so that you can avoid them in the future. In this blog post, we will discuss seven of the top mistakes that people make when starting a business. 

1. Not having a plan.
The first mistake that many people make when starting a business is not having an actionable plan. Starting a company without knowing what you want to do, where you are going, and how you will achieve it can be very detrimental and lead to the downfall of your new venture. 

  • Who are you serving?

  • What are you offering?

  • Where will you find customers?

  • What will you do to ensure your business thrives and stands out in the crowd? 

  • When will you hope to be profitable?

  • What are the benchmarks that indicate you have achieved success? 

2. Having too much of a plan.
The second mistake people make when they start their own company is trying to develop an extensive and detailed business plan.  Trying to create a five-year plan with every detail figured out in advance will likely lead you to frustration. You will undoubtedly find that your business changes and evolves as time goes on, so trying to have everything planned from day one is unrealistic.  Often, entrepreneurs are so focused on planning, they fail to take the necessary steps to build their business. Building requires action.

3. Not Setting Objectives.
Setting objectives for your company is essential when you are starting out because it will focus your efforts and help guide you as you progress. It also helps keep things in perspective by reminding you what you're working towards.

Objectives should be specific and measurable, which will make them easier to understand and achieve. You may want to set short-term or long-term goals depending on your company's needs right now.  

The objectives you set must be defined in a way that is not subjective.  

Example:  Company X will be the very best.

This is a very subjective statement - how will "the best" be determined? who will judge? 

4. Failing to Research.
Don't be afraid to do research on your company's industry or the competition. It is important that you know industry trends, threats, and opportunities. You will never be able to be successful in a market that you're not knowledgeable about. 

The research will help you understand how your company can win and what it needs to do differently or better than the competition. This information is crucial for long-term success, so don't neglect this step!

5. Investing too much into one opportunity.
Many companies will try to make one product or service and hope it is a success. Instead of putting your entire budget into a single opportunity invest in offering other products or services that have the potential for future growth.  Imagine that product fails or is replaced by new technology.  How will your business evolve? Investing in other opportunities will help you adapt to changes and continue growing.

6. Trying to do everything yourself.
Not delegating tasks to employees or specialists is a common mistake. This can be difficult for entrepreneurs who are reluctant to share their idea and control over the business with others. Delegation allows you to focus on your strengths while letting other members of staff handle what they're good at - this will save time, money, and create a happier culture.  If your business doesn't have a team yet hiring a freelancer can be a great starting point.

7. Not Steering.
When a business is growing it is easy to get pulled into the day-to-day tasks. It is important to remember that your business will need direction and focus on the future if you want it to succeed.  Identify what are the most pressing challenges, set goals for yourself, and think about how these short-term actions can affect long-term success - take time out of each day (or week) to work on steering your business in the desired direction.

Whether you’re just starting out or are looking to grow your business, there will always be mistakes. We all learn from our failures and successes no matter how small they may seem at the time. To help you avoid some of these typical pitfalls, we compiled a list of the top 7 common mistakes we see businesses make – don’t let this happen to you! 

To help you get started on the right foot, be sure to grab our FREE BUSINESS BUILDER CHECKLIST for further guidance. It has all of the items needed to ensure success in any startup venture.

common mistakes

Tiffany-Ann Bottcher, MBA

Tiffany-Ann Bottcher, MBA is the CEO of Bottcher Business Management Agency. With over 10 years of experience in business, finance and operations, Tiffany-Ann has a unique ability to help service-based business owners to scale their businesses without losing sleep. As an operation and automation expert, she has helped businesses from all over the world streamline their processes and increase efficiency. Her clients love her no-nonsense approach to getting things done, as well as her dry sense of humour. When she's not helping entrepreneurs achieve their goals, Tiffany enjoys spending time with her husband and three young children.

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Seven Common Mistakes When Starting Your Own Business

Tips| Entrepreneurship
September 15, 20224 min read

No one starts a business without making these common mistakes. It is impossible to know everything about the industry you are entering and who your competitors are at first, but it is important to recognize what those mistakes were so that you can avoid them in the future. In this blog post, we will discuss seven of the top mistakes that people make when starting a business. 

1. Not having a plan.
The first mistake that many people make when starting a business is not having an actionable plan. Starting a company without knowing what you want to do, where you are going, and how you will achieve it can be very detrimental and lead to the downfall of your new venture. 

  • Who are you serving?

  • What are you offering?

  • Where will you find customers?

  • What will you do to ensure your business thrives and stands out in the crowd? 

  • When will you hope to be profitable?

  • What are the benchmarks that indicate you have achieved success? 

2. Having too much of a plan.
The second mistake people make when they start their own company is trying to develop an extensive and detailed business plan.  Trying to create a five-year plan with every detail figured out in advance will likely lead you to frustration. You will undoubtedly find that your business changes and evolves as time goes on, so trying to have everything planned from day one is unrealistic.  Often, entrepreneurs are so focused on planning, they fail to take the necessary steps to build their business. Building requires action.

3. Not Setting Objectives.
Setting objectives for your company is essential when you are starting out because it will focus your efforts and help guide you as you progress. It also helps keep things in perspective by reminding you what you're working towards.

Objectives should be specific and measurable, which will make them easier to understand and achieve. You may want to set short-term or long-term goals depending on your company's needs right now.  

The objectives you set must be defined in a way that is not subjective.  

Example:  Company X will be the very best.

This is a very subjective statement - how will "the best" be determined? who will judge? 

4. Failing to Research.
Don't be afraid to do research on your company's industry or the competition. It is important that you know industry trends, threats, and opportunities. You will never be able to be successful in a market that you're not knowledgeable about. 

The research will help you understand how your company can win and what it needs to do differently or better than the competition. This information is crucial for long-term success, so don't neglect this step!

5. Investing too much into one opportunity.
Many companies will try to make one product or service and hope it is a success. Instead of putting your entire budget into a single opportunity invest in offering other products or services that have the potential for future growth.  Imagine that product fails or is replaced by new technology.  How will your business evolve? Investing in other opportunities will help you adapt to changes and continue growing.

6. Trying to do everything yourself.
Not delegating tasks to employees or specialists is a common mistake. This can be difficult for entrepreneurs who are reluctant to share their idea and control over the business with others. Delegation allows you to focus on your strengths while letting other members of staff handle what they're good at - this will save time, money, and create a happier culture.  If your business doesn't have a team yet hiring a freelancer can be a great starting point.

7. Not Steering.
When a business is growing it is easy to get pulled into the day-to-day tasks. It is important to remember that your business will need direction and focus on the future if you want it to succeed.  Identify what are the most pressing challenges, set goals for yourself, and think about how these short-term actions can affect long-term success - take time out of each day (or week) to work on steering your business in the desired direction.

Whether you’re just starting out or are looking to grow your business, there will always be mistakes. We all learn from our failures and successes no matter how small they may seem at the time. To help you avoid some of these typical pitfalls, we compiled a list of the top 7 common mistakes we see businesses make – don’t let this happen to you! 

To help you get started on the right foot, be sure to grab our FREE BUSINESS BUILDER CHECKLIST for further guidance. It has all of the items needed to ensure success in any startup venture.

common mistakes

Tiffany-Ann Bottcher, MBA

Tiffany-Ann Bottcher, MBA is the CEO of Bottcher Business Management Agency. With over 10 years of experience in business, finance and operations, Tiffany-Ann has a unique ability to help service-based business owners to scale their businesses without losing sleep. As an operation and automation expert, she has helped businesses from all over the world streamline their processes and increase efficiency. Her clients love her no-nonsense approach to getting things done, as well as her dry sense of humour. When she's not helping entrepreneurs achieve their goals, Tiffany enjoys spending time with her husband and three young children.

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COPYRIGHT © 2022 BOTTCHER BUSINESS MANAGEMENT AGENCY

8661 201st Street, 2nd Floor, Langley, BC, V2Y 0G9, Canada


COPYRIGHT © 2022 BOTTCHER BUSINESS MANAGEMENT AGENCY

8661 201st Street, 2nd Floor, Langley, BC, V2Y 0G9, Canada