3 Mistakes To Avoid When Starting Your Business

/ 12:58 AM January 13, 2019

Let’s say one day you’re struck with an idea of starting your business. It seems plausible, you think. You have the vision and the drive. It’s only a matter of time you’ll have the funds to make it into a reality. So you act on it: you start your own business. It all seems to work until, day by day, you slowly start to doubt yourself. As time passes, you seem to be set to failure than success.

What has gone wrong, you will think to yourself.

ADVERTISEMENT

Well, it has been there from the start. Sometimes, a vision can blind you to be able to see past the grandeur it promises and focus on what’s real.

With modernization opening more and more opportunities in starting a business, you can say that it is a lot easier to open one than years ago. In spite of that, there are still factors to take in consideration in doing so to counteract or ultimately avoid failure.

Below are three things to bear in mind as you develop your business plan.

It’s More Than Just Beliefs and Business Ideas

While an idea is the catalyst of every trade, one of the most obvious mistakes in starting a business is letting that dream disregard the business plan. It is easy to get carried away by beliefs of successes and other visionary things. But you have to stay grounded and keep in mind the order and structure of handling things.

Running a business does not only require an idea. It includes a lot of game-planning. That idea you have needs tons of research and development to back it up. You will need a strong foundation, a proper business model and even countermeasures in times of the what if’s.

Concretely backing up your business idea will help you in the long run. First and foremost, it will secure you a deal with a bank if you need to take a business loan. Realistically, banks do not readily give out cash to anyone with an idea. They will ask questions and they will be expecting you to have an answer for every situation possible.

FEATURED STORIES

The bottomline for loaning banks is that they need reassurance that it will worknot just your belief i will work. Once that works out, a solid business plan will help you act upon impending problems along the way as you will already know what to do.

Owning a business is not for the weak-willed. While it is totally fine to have some sort of idealism, what you need is a grip of reality to ready you with whatever might happen in the future.

Experience Is Not Expertise in Starting Your Business

As the saying goes, follow your heart.

ADVERTISEMENT

Many people do so and take their chances in starting their own small business. This is another mistake—not exactly pursuing your passions but equating your experience in one thing as business acumen. It’s a big leap to be a business owner from being a practitioner.

You can be a great cook or a tailor but it does not mean that you will find starting a small restaurant or a clothing line as easy as when you do what you love. What your knowledge in doing something does not automatically translate into capability in that particular business endeavor.

While it is an advantage to have experience, it’s better to arm yourself with knowledge about the business because running one is a no nonsense job.

Research, research, research.

It also doesn’t hurt to take courses and attend seminars about starting a business. Having your own business is a battle of sweat, tears and blood, and it’ll be a lot messier if you do not have an idea what you’re doing. Invest your time and effort in learning the business side of your passion.

Remember, passion fuels fruition but knowledge makes dreams into successful action.

There’s a Time for Every Single Thing

Here’s a mantra for you: timing is everything. Now, repeat that for every plan and decision you make. Timing is truly everything.

While it’s easy to be carried away in starting your business, you’ll have to take it slow. You should not rush things just owning to the fact that you want your own success story because in the end, you might just end up with a failed dream.

Create a feasible timeline, not a ‘mission impossible’  scheme.

Take time to plan. Trust us, it will save you and your business. Ultimately, you’ll have your own pace in making actions thus a more sensible approach in spending your funds. You’ll also be able to see some results and from that, work on improvements and test more grounds for your business to grow.

Time will also tell you when it is best to launch your business, introduce a new feature and other milestones in your business. Timing everything will help your business a great deal as in some business models, patience is one of the key strategies in running the show.

Plus, starting a business requires your full attention for it to take off which means you’ll not only be investing your money but your time. You have to get to know your vision, the market you’ll be venturing in, the customers you’re targeting and so on.

For all of these, time is a vital factor because, believe us, you don’t want grueling days and, especially, long nights of stress, fear and anxiety as you cram everything all at once to make ends meet.

It’s not a race, pace yourself. At the end of the day, you’ll find out that with time, every single thing matures with grace.

So, there you have it. Consider them as your core guidelines as you develop your business. Keep these three things in mind in starting your business and you’re more likely strapped in for the rollercoaster ride in running a business to success.

It will be a rough road ahead but with these things, you’ll be more than ready to take on the path you want.

Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Small Business
For feedback, complaints, or inquiries, contact us.



We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.