If you are new to the world of business, then you will know that some processes can be difficult to navigate. This can cause you to make mistakes, but there are a few things that you can do to try and help yourself to succeed.
Choosing the Wrong Type of Business
Think about it, did you create a sole proprietorship by default? Did you go onto form a limited company because you feel as though that’s just the industry standard? If so then this could be a mistake. If you select your business structure without looking into the various consequences then you could be exposing yourself to a large amount of legal risk.
One way to help yourself is to understand the types of business that are available1, and for you to choose one that most reflects your values. It also helps to talk to an attorney and an accountant. They’ll be able to give you the advice you need before you launch. If you’ve already launched then it may be worth looking into change management training solutions so you can simplify your business process.
Waiting Too Long before you Hire Team Members
Are you trying to save money? Or are you unable to delegate? Either way, if you wait too long before you hire people then this could stunt your business growth. You may find that you end up hiring the first candidate you see because you are too overloaded with work, or that you turn down good opportunities because you can’t manage the workload. One way for you to get around this would be for you to delegate some of the smaller tasks right from the get-go. This will make everything easier for you going forward and it will also help you to recognise when it’s time for you to hire someone more permanent.
Hiring the Wrong Team
As mentioned above, it’s important that you hire people early-on. That being said, if you hire people too early then you may end up with a team that isn’t a good fit for your business. This can cost you a small fortune and it will also start your business off on the wrong foot. If you want to really help yourself here, then you need to hire thoughtfully and carefully. Go through the interview process properly and also make sure that you hire someone based on their skill and their personality. This is a great way for you to ensure that you are making the best decision.
Not having a Website
If you don’t have a website then you are already making a huge mistake. Your website is your online storefront and it is also probably the first impression that your customers get of your brand too. A lot of people avoid creating a website because they feel as though it’s expensive and time-consuming. This is not the case at all, in fact, it’s now easier than ever for you to create one yourself by utilising online templates.
- For my Canadian readers I wrote about this for Godaddy ↩