5 Mistakes when starting a business

Let’s get things straight, there is no way in the world that starting a business is going to be easy. However to make your life a little easier, we’ve detected five common mistakes that you should definitely avoid.

1. Not having a plan
You need to decide where you see yourself in the future and how you are going to get there. It’s one thing to have an idea but coming up with a plan of attack to succeed is key. Essentially you need to know who your customers are and how you are going to create value to appeal to them.

2. Stressing about money
Have a financial plan from the get-go otherwise you’ll be out of pocket very quickly. Starting a business is an expensive process and although the benefits are worth it in the long run, you should definitely expect to invest and lose money along the way.

3. Ignoring criticism
Don’t even label it as criticism, think of it as advice or better yet, help! Of course everyone loves hearing compliments and seeing growth but at the end of the day opening your ears to how you can improve is even more significant. Honesty is the best policy for a startup because you’ll be learning as you go and the quicker you realise mistakes, the quicker you can fix them.

4. Hiring too quickly
This is a very common mistake because entrepreneurs feel the need to expand in order to succeed. However this is not always the case, especially in the beginning. The truth is, hiring quickly can result in mismatch in skills, lack of suitability and over-hiring. ( Your staff will become one of your greatest assets so should be chosen very wisely)

5. Aiming for perfection
Reality check, being perfect is not going to happen. Even just everything going to plan is just not going to happen. It’s important to realise there is going to bumps on the road and when things go wrong it’s okay, just be sure to learn from your mistakes. ‘Perfection’ doesn’t exist and the market is constantly changing so what you need to do one day can be different to the next.

Jess is the lead news editor for Australia Business. When she's not writing and reading about business, she's probably endlessly scrolling through Instagram or downloading apps she may or may not need.