The Top 5 Pitfalls Entrepreneurs Need To Avoid
If you’re starting a new business, you’re probably already aware that the odds are stacked against you. Whether your target market is Omaha, all of the United States or the entire globe, it’s important to know that the majority of new businesses fail. While that’s a little disheartening to hear, it doesn’t mean you should give up on your idea. Instead, it’s simply a reminder that you’re going to have to work extremely hard in order to find success.
Not only are you going to need to work hard, but you’re also going to need to work smart. Since there are only so many hours in the day and it’s unlikely that you have the resources to hire tons of people right away, you need to make sure that you’re focused on the right things. One of the many reasons that so many new businesses fail in a relatively short amount of time is because they don’t focus on the core activities that are going to move them forward.
Instead, they get distracted by tasks that seem important but end up simply being things that take up their valuable time. Because making these kinds of judgments are just one of the challenges you’ll have to overcome as a new business owner, Big Red SEO wants to share some of the most common traps that entrepreneurs fall into. By being aware of these pitfalls in advance, you can do what’s necessary to avoid them and keep your business on the right track.
So with that goal in mind, let’s dive into what you need to keep in mind as you start building your business. As a new business owner, here are five things you need to avoid:
Don’t Gloss Over Your Weaknesses
Since there’s no shortage of information about starting a business, you’ve probably read plenty of stories about successful entrepreneurs. One of the traits that often comes up in those stories is that many entrepreneurs weren’t very good students. While some people use that common thread as a way to dismiss the value of formal education, there’s actually a different lesson that can be learned.
The most valuable takeaway from this common trait is that people who find success in business aren’t afraid to admit that they’re not the best at everything. Instead of trying to convince themselves that they’re perfect at all aspects of life, they take an honest assessment of their strengths and weaknesses.
Laying it all out on the table in this honest manner does two things. First, it allows you to clearly identify what you do best. By being completely aware of your biggest strengths, you can ensure that’s what you’re focusing on every single day. Second, being honest about the areas where you’re not the best gives you the ability to find contractors, tools or employees that can fill in those gaps. Making decisions based on what’s best for your business instead of personal pride is hugely important for finding success.
Refuse to Get Distracted By Vanity Metrics
Even though it’s still very challenging to start a business, one of the reasons that this is such an exciting task to undertake in 2015 is because there are so many different channels where you can market your new business. By harnessing the power of the Internet, it becomes possible to put your business in front of audiences that you never could have reached in the past.
While online marketing can be very powerful, you don’t want to let vanity metrics like how many followers your Facebook page has distract you from the metrics that matter most for your business. In terms of your online marketing, what truly matters at the end of the day is how many website visitors you’re converting into leads or customers. And for your business as a whole, cash is always going to be king.
Avoid Being Afraid to Spend Money
Although cash flow is crucial for a new business, that doesn’t mean you should be afraid to spend money. What many business owners forget is that there’s a big difference between being thrifty and being cheap. If a contractor or tool is going to save you time or help your business make money, those are expenses that you can definitely justify. By thinking of money as fuel that you can use to help accelerate the growth of your business, you’ll be able to start figuring out the right situations where spending makes sense.
Don’t Wait Too Long to Hire
One of the biggest decisions that any business has to make is when to hire new employees. And as any seasoned Omaha business owner will tell you, the best time to take this action almost always end up being a little bit before you’re completely comfortable doing it. The reason that’s the case is your business will continue to hit different milestones. When this happens, you’ll be in a position to either plateau or continue moving forward. Since you want to do the latter, you need to be willing to bring the right team members into your business.
Stop Trying to Figure Everything Out On Your Own
While we’ve covered several big mistakes that new business owners make, the reason that bookstores are filled with business books is because there are so many things that can go wrong throughout the process of growing a business. Since you’re going to face new decisions on a daily basis, it’s normal to feel a lot of pressure.
However, just because you feel pressure doesn’t mean that you have to go through everything on your own. Turning to trusted advisers for help can provide the clarity you need to make the right decisions for your business. If you’re looking for a source of trusted advice, Big Red SEO can fill that role for you.
As a result of working with many different business owners at different stages in the lives of their businesses, we have a lot of knowledge about what needs to be done to keep moving towards success instead of failure. So if you want to have someone on your side who can provide the services and guidance your business needs, call Big Red SEO at (402) 522-6468 to schedule a consultation.