At one point or another, every gentleman has the idea of starting his own business which may have sparked from either a product or a service. Whichever that may have ended up being, every business has it’s life on the line if not done correctly from the start. Here are some of the things NOT to do when starting your venture according to our experience.
- Get into high debt without a solid thought out successful plan on Return on Investment (ROI)
- Not creating a plan of execution, business plan, monetization, target audience
- Marketing done through only one source or not marketing at all
- Not planning on an exit strategy
- Customer Service is non-existent
- Not printing your business cards
- Avoid attending marketing events and mixers
- Not testing your service or product before launching it
- Don’t organize your contacts and emails you receive from vendors, clients and networks
- Don’t focus on branding
- Not hiring a professional graphic designer, photographer, CPA or web developer
- Not building relationships with your competition, vendors and clients
- Not asking enough questions
Of course, there’s a reason behind every point I’ve made above and I could go into detail about each one of them. But this is just a quick list not meant to overwhelm you. I’ll get into detail as we build more and more content so please come back later or bookmark this post as I will keep it up to date with links to posts about each of these bullets.
If you’ve made any mistakes throughout your venture career, comment below and let us know how you’ve overcome or fixed it.