If you’ve been following me for any length of time, you know that I don’t shy away from people making mistakes.
In fact, I think making mistakes is part of the learning process. You learn as much from mistakes and failures as you do from successes.
However, having a heads up about certain things to watch for in business can be incredibly helpful.
Today, let’s talk about 3 common mistakes you should watch out for as you start your business, or scale your business to the next level. Watch below to learn more:
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- Time
I’ve seen a lot of businesses over the years that really underestimate how long it can take to get their business up, running and profitable. It takes time to learn everything that we need to learn, and to really get the hang of running our businesses.
If you’re the kind of person who prefers to run your business on your own at first, make sure you allow yourself enough time to learn, experiment and grow. Be patient with yourself as you learn all of the new concepts, strategies, and get familiar with the different platforms that you’ll need to be working with.
If you’re the kind of person who would rather hire experts in the areas that you aren’t comfortable with, that’s where #2 comes into play.
- Money
For obvious reasons, money is incredibly important in a business. However, I see a lot of people underestimating how long it will take them for their business to be profitable. Most businesses won’t pay for themselves and provide you with a steady paycheck right off the bat. The way that many people handle this is by “bootstrapping”.
They put money on their credit cards, move money out of their accounts, or maybe they saved up some money to help with startup costs, but it didn’t last as long as expected.
No matter what situation you’re in, it’s important to be realistic about the amount of time it’ll take for your business to start paying for itself. And until that time comes, it’s important to consider where that money will be coming from.
Whether you’re staying at your job until your business is up and running, saving up, getting a loan or finding investors, make sure that you have a solid financial plan before taking action.
- Emotional Wellbeing
Running a business is an emotional rollercoaster. There are times that you feel great about your business, feeling like you’ve hit the jackpot, and there are times where it feels like everything is falling apart.
Preparing yourself for those emotional ups and downs is incredibly important if you want to be successful, and the best thing you can do is have a support system around you. Having people that understand you, that you can go to for advice and who will encourage you when you need it is more important than many people realize.
If you don’t already have a network of support around you, one of the things I recommend are masterminds. They give you a community of people who truly understand what you’re going through, and the ability to work through problems as a team.
Overall, these 3 mistakes are a lot like potholes in the road. You can continue on smoothly if you see them in time, but if you hit one the wrong way, it can really disable you.
Click here to join a FREE Virtual Mini-Mastermind and network with other women entrepreneurs.
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