Launching a business can be stressful, and it’s easy to make mistakes. That’s why we’ve put together a list of the most common ones to make sure that you avoid them at all costs.
Skipping the Business Plan
Without a business plan, your business will fall apart. Start-Up Mistakes: How Not to Launch Your Business
A good business plan will be flexible, with contingency planning for the unexpected, while setting goals, parameters, finances and forecasts. Having a plan for how the business will be run is a way of knowing how to make decisions and is vital for securing almost any form of funding. You can find useful advice and templates on business plans from the Gov.UK website. An accountant may also be able to help you refine your business plan further.
Forgetting the Marketing
Many argue that you should create the marketing plan at the same time as the business plan, so they are targeting the same demographic. It displays a sense of focus and a targeted approach.
Planning Too Much
Planning can seem like a good idea, but it can turn into a form of procrastination where you think you’re doing something useful, but in actual fact you’re not really doing anything of worth. Impose a time frame for your launch to market. Some companies have even been launched in 30 days (with the understanding that some decisions may not be the right ones).
Delaying your business launch because it’s not perfect will not get you very far in business. There will always be something you will want to change. Be dynamic and tinker with your plans as you go as you learn what works, and what doesn’t.
Not Listening to your Customers
In the same vein, not doing market research is a huge mistake. Testing your products and service before you launch is important, because if you don’t, you will have no idea if anyone will want to buy your products.
Similarly, ignoring your competition means that you’re not paying attention to what’s already out there, and you won’t be able to refine your USP or stand out from the crowd.
Not Reflecting on Your Own Strengths and Weaknesses
Knowing your strengths and weaknesses will help inform your choices when it comes to the type of business and business model you want to use. For instance, you might be dreaming of a cat café, but if you’re not good at keeping up a happy appearance, then serving coffee and cakes to people all day may not be the right thing for you.
Knowing what skills that you need to strengthen your business will only bolster your success, as you can hire people to cover areas you may not be as strong in.
There are numerous mistakes that you can make when launching a business, so while it’s important to look at common ones to prevent you from making them, you should also make sure that you research and learn from actionable resources on the way to be successful, such as this guide from Touch Financial.