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Last Updated on by Noni May
Running a business for the first time is never going to be a walk in the park. Anyone who tells you that it was easy and stress-free for them is probably lying to you. There are going to be challenges and you’re more than likely going to make plenty of mistakes along the way. That’s just the nature of running a business. But by learning about some of the most common rookie mistakes made by new business owners, you might be able to avoid making them yourself. Find out more about them here.
Research is important for your business in a number of ways. When businesses don’t carry out market research, they tend to misunderstand the market and customer demand, as well as the nature of their competitors. Those kinds of mistakes can be devastating for new businesses, so doing plenty of research and understanding your market is always vital. Do as much of it as you can.
Business owners often think that doing their own accounting is easy and that it offers a way to save money. That might be true in the immediate sense, but it leads to all kinds of other problems later on. If you want your books to be taken care of properly and to get a complete picture of your business’s financial health, you need to hire an accountant.
When you have an agreement with someone, whether it’s a supplier, business partner or employee, you should always get it down in writing. When running a business, good contracts are essential but so many new business owners make the mistake of not writing up legally binding contracts. Juro will help you with managing your contracts, so look into that as soon as you can.
When you’re hiring people, you should look beyond their CV. Startups often hire people who look great on paper but when you put them together in a team, it simply doesn’t work. And that can lead to big problems. Try to build a real culture and hire people who you feel best fit that particular culture. It’s an approach that’ll pay dividends later.
With so much to spend money on when you’re first starting a business, it’s easy to overlook the importance of things like marketing and advertising. If you don’t leave room in your budget for these kinds of things, you’ll end up with a great product that nobody knows about because you have very few ways of advertising it.
We all make mistakes and that’s certainly the case when you’re a rookie business owner. The last thing you want is for those mistakes to damage your business in a way that can’t be reversed, and that’s why it’s so important to learn from the mistakes listed above so you don’t have to make them yourself.