Just started a business or have an exciting idea? No matter the unique business market, experts notice the same essential mistakes beginners tend to make. Get to know 3 typical start-up attitude failures and save some of the precious time for growth.
1) Insufficient attention to the legal basis
What’s the most important thing about your business? Many new entrepreneurs would claim that only a good idea can make it to the heights of a competitive market. While it’s a good point, to be honest, there are many unique ideas, and some of them are still stuck in the primary stages. Why?
If you would ask any experienced business owner, he would probably say that one of the critical elements, especially at the very beginning, is detailed planning. Yes, not the magical idea. Experts notice that the first and very often missed step should be investments into a solid legal basis.
Suppose you are starting a business in Lithuania or anywhere around Europe. In this case, find a trustworthy business law firm in Lithuania. An experienced team will lead you all the way through. Consider the help while filling out the documents, communicating with state institutions, or creating an effective business strategy. They might even advise on looking out for realistic investments.
2) Too optimistic revenue expectations
Yes, you should make a proper business plan and anticipate the likely costs and revenue. On the other hand, even after in-depth planning and creating possible scenarios and plans B, C, D, something unexpected might happen. Or should we say it will happen? It’s impossible to foresee all of the minor unexpected expenses for rent, technique, specialists.
Experts stress that the first year should be for experiments, market research, and improvements. Branding professionals notice that new entrepreneurs are often stuck in one place just because they are scared to let go. Let go of the first-year revenue idyl and invest in a better product, valuable functions, more unique ways to spread the message.
3) A rush to invest in not essential stuff and staff
While letting go of the first-year revenue idea sounds drastic, it doesn’t mean you should let go of control. Stick to the plan. Edit it if needed. There will be unexpected expenses, so you don’t want to spend extra on unimportant stuff such as the latest phones and computers, fancy offices. The same rule applies when hiring more people. Feel like you can finally afford some help? Note that small businesses at the primary stages can efficiently run with the part-timers.
Ready to start right away? Well, it seems like the first steps to rush into aren’t that exciting. But they are vital, and that’s for sure!