Starting your own business is never easy, and it’s even harder to keep it running smoothly after that. It doesn’t matter who you are or what type of experience you have; running a startup will bring its fair share of challenges. If you’re not aware of some of the most common small business traps you’ll want to avoid early on, then this article is just for you. We’ll cover the big ones while also giving some advice on how to work around them.
Lacking a Concrete Plan
One of the most widespread mistakes entrepreneurs make when opening a business is not setting a concrete plan. Simply having a “good idea” of what you want to do won’t cut it. Instead, you’ll want to sit down and write out a plan of how you want to operate your company and where you want it to go in the coming years. Including topics such as finances, marketing, and long-term goals are just a few of the things you’ll want to cover in it.
If you don’t know how to make a business plan, either look for tips online or seek professional advice from a friend or colleague. Whatever you do, don’t skip this step.
The Fear of Change
Despite all that, after you make a plan, you’ll want to be ready to change it if and when the time comes for a pivot. A major downfall for many young companies is failing to make changes when the market demands it.
The global pandemic is a perfect example of one of the many things you’ll want to make drastic changes to adapt to. These shifts could cause you to deviate wildly from your original plan, but that’s okay. You’ll just want to make sure you rewrite your original plan to compensate for these changes.
Getting Stuck in Services
A quick lesson that you’ll learn with your new business is that you can’t do it all on your own. You’ll want to utilize employees or services to cover the aspects of your business that you simply can’t. While services are insanely valuable, they are quite easy to get stuck in for various reasons. Whether it’s because you can’t operate your business without them or you signed a contract that forbids you from canceling, there are times when it’s tricky to back out of a service you can no longer afford.
A perfect example is cloud services. Vendor lock-in is a very real thing, and if you want to cancel or move somewhere else, certain issues will keep you from being able to do so. Fortunately, there are plenty of strategies to avoid vendor lock-in, but they’ll require careful planning before you commit.
Disregarding Smaller Issues
Finally, our last piece of advice on small business traps you’ll want to avoid early on is never to brush off minor problems that you run into while running your company. Even if they aren’t detrimental at the moment, ignoring them could make them worse down the road. It’s better to address the issue and find out that it’s not a big deal rather than disregard it and let it be the thing that takes you down in the future.Posted by Logical Position for Marla Stone, MSW REALTOR® License ID: 01823712 Nora Gallogly Group Beverly & Co. DRE#02078273 www.i-deal-lifestyle.com | Direct (949) 709-7000 | Connect with Marla on Instagram & Facebook! Marla is the Author of The Clutter Remedy: A Guide To Getting Organized For Those Who Love Their Stuff
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