As a new business owner, you will make mistakes. Everyone does! It is all a part of the process of building a business from the ground up. There will be unplanned roadblocks, unexpected costs, and far far more. However, it is how you address these issues and bounce back from them that will show your character and strengthen your business.
How you deal with various challenges and mistakes will be the difference between owning a successful startup and a failed one. If you are wondering what some of the common mistakes of new business owners are, and how to avoid them, you came to the right place!
Common Mistakes & How to Avoid Them
Here are the most common mistakes for new business owners, and how to avoid them.
Not Having a Plan
You can not rush the process when building a business. It is important to take the extra time to get organized and develop long and detailed plans. Yes, plans. Overall business plan, growth plan, financial plan, marketing plan, etc.
Do your research by studying competitors and spaces in the market for a new product. Reflect on your own resources and expertise. Set goals for your company – What does your business look like 6 months down the road and 10 years down the road?
Trying to Get Rich Fast
Many business owners are eager to start making money, hoping to become rich overnight. Although this hunger for success is a great quality for an entrepreneur, being too eager can also hurt you in the long run.
Building a business and becoming successful takes time, hard work, perseverance and even some luck. Never expect you will be making millions overnight. Be smart, be patient and with time your business, your business will be successful.
Relying on Social Media
Social media is an excellent piece of technology today. However, it should never be relied on to build a business. When you put 100% of your business on social media accounts, guess who has control of your business? Yes, the social media companies. They will have control over who sees your products and when.
What should you do instead? Buy a domain and build a company website. When you have a well designed website on a premium domain name, you will build credibility, marketability, and trustworthiness with your customers. Furthermore, you will have full control over SEO.
Trying to Do It All
When you are a business owner, your business is your baby. Many entrepreneurs try to take care of every aspect of the business on their own. However, it is important as the leader of your business to be able to recognize the places where your skills are strongest and delegate the other tasks to your team.
Ensure your business is made up of people with strengths where your talents may be weaker. When you have a solid team of individuals working with you, you should trust them and believe in their expertise. This will create a strong, hard working team.
Not Protecting Intellectual Property
Depending on the type of products you have, you could be eligible for copyright or patent protection. This could include music, software, art, etc. Additionally, your business name, logo, slogan may be eligible for state or federal trademark protection.
As a business owner, you should consider keeping track of your intellectual property and take the necessary steps to protect it. This will prevent any legal problems in the future and prevent competitors from copying your brand and products.
AdultBlock and defensive registration are amazing ways to protect your domain name. AdultBlock enables qualifying organizations to block the registration of any domain that falls under their trademark. This service will block registrations for your name across all four adult-themed TLDs: .dotXXX, .dotADULT, .dotSEX, and .dotPORN.
Not Setting Goals
In addition to creating your business plan, you should also have set goals for your business.
Clear, measurable and attainable goals are something every business should have written out. Goals help you and your team stay organized, on track and motivated. They also give you something to reach for each day. These goals can be small victories or huge goals for five years down the road. Whatever your goals are, just ensure they are measurable and realistic to your company.
At Saw.com, we love domains and everything they encompass. With over twenty years of experience in the industry, we have made it our mission to help companies and organizations understand digital assets’ role in the ever-changing internet landscape, every step of the way. We specialize in domain acquisition, appraisal, company naming, branding, brand protection, portfolio management services and more.
No matter the nature, stage, or size of your company, we believe in helping you be seen online and we pride ourselves in our transparency through the entire process. If you are interested in speaking with an expert from our domain brokerage service about buying a domain, contact us! Our domain brokers would love to speak with you.