As a fellow entrepreneur, who has been in business for over a decade, I have made my fair share of mistakes. In fact, I’ve made enough mistakes for both of us, and I would like to share some of my best tips for mistakes to avoid below. So, here are 5 common business mistakes that you can make!

1) Don’t fear failure. – Entrepreneurship in and of itself is a risk, so congrats on being a risk-taker! Whenever you do something new, there will always be a learning curve, and failure can make a great teacher. Some of my best lessons have come because of failures, and those lessons taught me how to bounce back stronger and better, so don’t be afraid to fail.

2) Don’t undersell yourself. – When starting a business, it can be very hard to know how to price your products or services. So many people just want ANY sell, so they may be willing to undervalue or undersell themselves and their offerings. Don’t be that person!! Know your target market, and priced accordingly. If your friends and family think your prices are too high, they may not be your target. Know your worth… and add tax!

3) Don’t throw money away. – In business, you can feel pressure to look like you “have it all together”. You want the logo, the website, the branding, the merchandise, the team, etc. and all these things cost money. It’s important to do your research to know what you need and WHEN. In technology, they have a term called a Minimal Viable Product, or MVP, which basically strips things down to the ESSENTIALS. Ask yourself, have you wasted money by putting the cart before the horse?

4) Don’t avoid contracts. – Contracts can be intimidating and feel overly “official,” especially when working with people you know, but money can ruin relationships. By not having contracts and accepting someone’s word, you’re putting yourself and your business at risk. I have learned this lesson the hard way, so please take my word, and get it IN WRITING.

5) Don’t try to do everything yourself. –  When you first start a business, you’re usually wearing all the hats. You’re the CEO, marketing team, design team, shipping and handling, customer service, etc. As your business progresses, it’s important to focus your energy on your area of expertise and outsource to experts to focus on their areas of expertise. This may cost more, but the right professionals on your team will help expand your profit with their professional knowledge.

Avoiding these 5 common business mistakes will make your life easier and prevent you from faltering at important steps in your budding business. 

Thanks to the team at iSocialPR, you don’t have to make these same mistakes in 2021. We have a dedicated knowledgeable team of professionals ready to help you take your business to the next level. Let us help you develop a digital marketing plan that’s built to last!