It’s so exciting – perhaps even dangerous-feeling, to start a business, but that excitement can lead to poor decisions because you’re so keen to get ahead that you don’t think things through properly. You’ll be jumping in with the best of intentions, of course, but the pressure to get going and move quickly could mean you make choices that don’t really help and, worse, even damage your business before it even gets off the ground. With that in mind, here are some of the first decisions every founder gets wrong when starting a company to help you know what to look out for.
Trying To Do Everything At Once
One of the biggest early mistakes is thinking you need to sort every detail immediately, and there is, of course, a lot to sort out including branding, pricing, websites, marketing plans, social media channels, product tweaks, hiring decisions… it’s a lot. The problem is that spreading your attention that thin usually means nothing is really focused on, and that’s where you’ll miss things and make mistakes.
The first few weeks of your business really need to be about making sure things are clear and unchaotic, and understanding what’s a priority and what can wait so you know what to do first is a job that’s worth taking on.
Skipping The Financial Foundations
Many new business owners avoid (or don’t even think about) the financial side of things because it seems boring or maybe intimidating. But if it’s not done early on, it can cause a big mess later when it gets even more complicated and messy, plus mistakes can more easily be made, and that could lead to some disastrous financial decisions – they could even spell the end of the business. It’s wise to set aside some time to look at realistic costs, revenue expectations, and essentials tools so you know what to do and have a more solid base to start from.
This is also a great time to organise proper company registration. Again, not exciting exactly, but getting that right from day one keeps your business compliant, secure, and ready for growth when it comes, and you’ll be less stressed and distracted about what you’re meant to be doing.
Delaying Clear Boundaries And Processes
Founders often assume boundaries can wait until they’re business, but that’s a trap – if you don’t have clear processes in place, everything takes longer than it needs to and you’ll end up answering messages at all hours, taking on work that isn’t right for you, and allowing your time to be taken up by everyone else’s needs.
If you set some simple rules early on, like having set office hours or outlining exactly how you intend to communicate with clients, for example, then that’s not only going to help your work life balance, but it’ll also give everyone clear expectations and make you come across as more reliable overall.
Final Thoughts
If you want to run a business, you need to be clear, patient, and you’ve got to be willing to put the hard work in at the start to enjoy the rewards later on. When all that’s in place, everything else comes together so much more easily.
