Creating a business is by no definition an easy task, but it’s one of the most fulfilling things one can do. These common mistakes are things to avoid when creating your own new business.
It can be tempting to make things far too complicated when starting a business, as it seems the more complicated the more likely to be successful, right? Wrong. Don’t overlook smart simplicity in pursuing business ventures, as it will often yield the best results. In all facets, from the product to management, simple is better as it makes it easier for everyone to understand one another, which ultimately leads to a smoother running business.
Launching your start up too early or too late can be a make or break point. You have to find the perfect mid point, when there’s enough hype and excitement surrounding the launch but people haven’t moved onto the next big thing because you took too long. Start with the minimum and then once people are hooked onto the idea and the product, build it up and create a solid following.
#3 Not listening to yourself
While advice from others can be incredibly helpful in creating a start up, it is ultimately yours to create. Too much outside influence will result in a product you might barely recognise as your own and feel no connection to. Surround yourself with people who provide useful insight, but are not overbearing and attempting to take over your product. On the flip side, don’t try to go it alone. The most successful startups are those with multiple people’s input and ideas combining to make the ideal result.
#4 Trademarks and naming
With the plethora of businesses out there, it might seem there are no more names in the public sphere for you to use. When coming up with a name for your business, make sure it’s catchy and easy to remember/spell/search, but also make note of if there could be any trademark issues. Try doing a Google search of your name of choice, and then if nothing shows up check if the domain is taken. Once you’re set on a name, trademark as early as possible so it doesn’t get snatched up in the meantime.
#5 Consumer focus
If the market for your product is too small or too large, it can be incredibly detrimental to its success. Find something that people need, but doesn’t exist yet, and will apply to a wide range of people. Once you’ve established that, make sure you listen to consumers and customers, as they are the most important aspect of any startup.
Trying to avoid these 5 mishaps will result in an easier and more successful startup.