Don’t do it!
We’re not talking about starting a business – at Bob Group, we’ve retained our entrepreneurial spirit, and we’re all in favour of people following their dreams. However, there are a few things that we’d advise you not to do – in this blog, we’re taking a look at 5 important don’ts when starting a business. That is, five of the most common mistakes that people make, but which you can avoid.
Don’t neglect the numbers
Being a successful entrepreneur is all about staying on top of your business finances, and this means avoiding some common traps. Whatever your business, never underestimate the costs involved, whether it’s buying equipment, marketing, paying salaries or investing in stock. You might find that you become obsessed with cashflow, and that’s probably a good thing – you need to ensure that you have enough cash available to cover your upcoming costs.
Avoid the temptation to overspend at the beginning, and you can build a solid foundation for a sustainable business going forward.
Don’t just copy another idea
It’s important to be original, and to be true to yourself. There are a lot of great businesses already in existence, but that doesn’t mean that another very similar enterprise is guaranteed to be a success. To truly make it as an entrepreneur, you should follow your passion, and find a niche that nobody else is currently filling.
That’s known as the ‘blue water’ theory of business – that is, you’ll have a better chance of success if you swim where it’s less crowded. Research is a great way to identify gaps in the market, and it can help you develop a unique selling point or USP for your new business.
Don’t give up!
Even the most successful businesspeople have faced setbacks and failure, especially early on in their careers. Think of any famous entrepreneur that you admire, and it’s almost certain that their business has gone through a difficult spell.
If that happens to your new company – and the chances are that it will – the most important thing is to be persistent. Believe in yourself and your idea, and your hard work will pay off. When setbacks happen, it’s important to never take them personally – rather stay cool, calm and professional, and you’ll find it much easier to work out a solution.
Don’t try to do everything yourself
As an entrepreneur, you need to be great at multi-tasking, but however good you are at keeping all those plates spinning, you still only have 24 hours in the day. To avoid driving yourself crazy, focus on doing the things that you’re good at, and outsource the other aspects of running your business. This could be the accounts or advertising, building your website, or packing up items for shipping.
It’s important to learn to ask for help, but be careful about who you ask – working with friends or family members may seem like a good idea at the time, but can lead to strained relationships during more challenging times.
Don’t forget to talk to us
At Bob Group, we’re all about empowering people to succeed in business. We can help you build an online sales platform, connect with more buyers, and manage your orders seamlessly. We’ve given you five important don’ts, but here’s one thing for your business to-do list: for everything ecommerce, get in touch with us today: https://www.bob.co.za/contact/
