Owning a business comes with numerous opportunities that aren’t possible when you work for someone else, but it’s easy to make mistakes when you own the company. This is especially true if you have a new business. Most new organizations simply don’t have the strength to weather a storm. If you’re in the early stages of starting your company, here are the final four of the seven most common mistakes you’ll want to avoid:
4. Poorly designed training systems
Imagine walking into a new cupcake shop and dealing with an employee who cannot tell you about each flavor, isn’t sure what to charge for the small and large cupcakes, and is still texting instead of doing his job. This probably was not the owner’s grand vision when the shop opened, but without a system to ensure training for every employee, such bungling is something the owner can expect repeatedly. The right training system doesn’t have to be difficult or complicated, but it has to exist.
5. Lack of creativity and innovation
Starting a company takes one good idea, but keeping a company open requires more. You have to constantly seek new ways to improve services, bundle products, and innovate within your market if you want to succeed.
6. Poor motivation
To stay in business, you need some excitement. You’re not punching the clock and working for someone else now; you’re working for yourself, and that takes a lot of commitment. Get excited or be bored and ho-hum on someone else’s time.
7. Lack of investment
At first glance, you may think we covered this on three (Improper capitalization), but it is not the same thing. Most small businesses work on a paycheck-to-paycheck basis. Instead of investing additional capital and time on long-term objectives, owners/operators cash their checks month after month without looking toward the future. Investing the time and effort to create a sustainable business that will be here for years to come is the only way to move forward.