Making the decision to work for yourself can be both exciting and rewarding. Taking the time to build a credible business with a valuable product or service is essential to ensure longevity. But there are other factors to consider to include the common mistakes made by business startups and identifying the pitfalls upfront is half the battle. Here we have listed 3 of the most common (and avoidable) startup mistakes:
Undervaluing Your Product or Service
This is a very common mistake made by Solopreneurs starting out as they are concerned with building their portfolio and attracting new clients in their business. If you have drawn up a business budget, then you will know your base rate and resist the urge to under-price when approaching potential new clients. Doing too many jobs at a lower rate than you had planned in your budget will have you run your business into the ground before it has even begun.
This is the term used to describe an entrepreneur that is constantly distracted by new ideas instead of focusing on one single goal for their business. Whether it is trying to market everywhere at once, wanting to install every new software or thinking you need to adapt every new trend into your business. This indecisiveness or need to do everything will not only drain your energy and focus but will also drain your business finance over time.
When you start working for yourself, the feeling of freedom that you have control over your daily routine is empowering. That being said, over time you may fall into the trap of telling yourself that if you are not working then you are not earning. This is where burnout becomes a real danger. As a solopreneur, you can only do so much in a day and when you try to be everything and do everything, you will reach burnout quicker and may give up on your dream. Ensure you carve out time in your day for self-care whether it is to meditate, workout or just time for you to relax to prevent burnout.