5 Mistakes to Avoid when Starting your own Business
I was excited and full of optimism when I first left my corporate job. I had finally decided to take the plunge and focus on my design business full time. It was a dream come true.
But little did I know what I was in for.
I quickly realized that I was not prepared for life as an entrepreneur. I didn’t know who to turn to for advice on starting my own business. Switching from a corporate mindset to a small-business mindset proved to be a slow process for me.
I had a lot of questions that I was embarrassed to ask, such as: What is Google Analytics? And what is SEO?
Looking back, I learned a lot of lessons from my mistakes. But I’ve often thought that if I didn’t have to learn everything the hard way, it would have been a much smoother ride.
In this post, I’d like to share with you some of the mistakes I’ve made on my journey and what I’ve learned from them. I hope that this post will help to create a smoother journey for you.
Here are five common startup mistakes that I wish I had known about:
1. Help yourself first before helping others
Don’t feel guilty about earning money by helping people. I love helping heart-centered business owners; they are trying to do something good and make a difference. But I was struggling with charging a fee for my services.
I felt guilty.
When I was working at a corporation, I made enough money but I always felt like something was missing. I realized that making money wasn’t my top priority. So, I left the company to expand my horizons.
As I started working with different types of businesses and organizations, I found that I love to help heart-centered and purpose-driven business owners who have a deep passion for what they do and the positive changes they produce.
But there was one problem.
My business wasn’t growing. I was working very hard, but I didn’t charge enough for my services – my business languished. Of course this was not only the reason why my business wasn’t growing.
I learned that while it’s great to help others, it's even more important to put yourself first. When entrepreneurs first start off, they tend to set their prices too low. But we need to remember to factor in the costs of starting and operating a business. Even if you set up a home office, there are costs associated with running your business.
Think about it this way: when you work for a company, they provide you with a computer, internet access, and office supplies. But once you start your own business, you pay for all of those items on your own. You need to incorporate those business expenses and set your prices accordingly. In addition, you have to pay yourself.
Remember, you are the owner of your own business – you need to create a profitable business first. You're providing your clients with a valuable service, and you're helping them solve a problem; you shouldn’t feel guilty.
You can help others once you create and grow a profitable business. As your heart-centered business grows, you’ll be able to give back more to the community and the world.
2. It’s ok to say “No”
To be honest, I am still uncomfortable saying “NO” to people who are asking for help or making requests, especially in business. Don’t get me wrong – I love to help others – but when I learned to set boundaries, it worked out better for both myself and my client.
When I first started, I could not say “no” to a client who insisted on a tight deadline, even though I had a busy schedule. I could not say “no” to a client who asked for a discount on my design fees. I could not say “no” to projects that weren’t suitable for me.
As a result, I was burnt out and I lost my way. Somehow, there was always this fear that if I said “no” to clients, they wouldn't come back. But you know what? Clients always come back if they value what you have to offer. If they don’t come back, they were not your ideal clients in the first place.
Learning to say “no” to projects that are not the right fit for you is also a great way to differentiate your business from your competitors.
You begin to get clear on your values and beliefs.
This is the foundation for building a strong brand.
Remember to listen to your inner voice – it never lies. Your heart and soul knows what’s best for you, and it will guide you in the right direction.
3. Learn to accept rejections
Rejection. Rejection. Rejection. Who likes getting rejected? Not me – especially because I’m a highly sensitive person. If you are too, you may feel the same way.
It’s sometimes hard to manage this discomfort. Once I started my own business, I was receiving more rejections, but I knew I had to take chances to succeed.
How did I handle it?
I reminded myself that everyone has different values, beliefs, and needs. I can’t expect everyone to hold the same core values as I do.
My design philosophy, for example, is that simple and clean design stands out more; but I quickly found out that not everyone shares my passion for simplicity.
Some people prefer to use bold, colorful, and over-layered designs.
If I approach someone who prefers these bold and colorful designs, I will likely get rejected. They would be happier hiring a designer who has similar taste and values to their own.
4. Narrow your focus
When you go on a job interview, it’s better to have as many skills as possible on your résumé. Companies tend to hire people who have multiple skill sets. But as a business owner, you don’t need to have a wide range of skills. Instead, it helps to be an expert in one specific area.
Work to become number one in your niche.
Your business will stand out more and grow much faster.
5. Don’t give up too early
Do you know about “Kaizen”? It’s a Japanese philosophy meaning “change for the better” or “continuous improvement.”
Make a plan - Do - Check - Action
repeat
Make a plan - Do - Check - Action…
When something is not going well, it’s tempting to stop what you’re doing and start in a completely new direction. You end up back at square one again.
I understand – I’ve been there many times. You know what though? Most of the time, it’s because we want to get results quickly. But sometimes, things don’t work that way; sometimes it just requires a lot of patience and persistence.
For example, I started blogging a while ago but was soon disappointed when I realized that nobody was reading my posts. Sadly, I lost motivation and stopped for a while. Eventually, I made some adjustments and tried again.
I started updating existing posts and adding new posts. I rearranged the layout and made other small adjustments. I found that just by making these small changes, my blog started growing.
I still have a ways to go but now, thanks to my blogging efforts, most people find my site through Google Search results. I will continue to improve my blog and keep you posted on the results.
Conclusion
It may seem crazy to leave a successful, corporate position to start my own business, but I felt like I was hitting a ceiling.
My heart and soul wasn’t in it anymore. I wanted to expand – I wanted to challenge myself and go beyond.
Maybe you feel the same way.
Since the day I left that company, I have learned a lot (and I still learn something new every day).
Maybe, like me, you’re ready to leave your company and start your own business. You probably feel excited and nervous.
I believe that anything is possible as long as you have a vision.
I wish you the best of luck on your journey!
Just remember when you’re starting your own business, avoid these common startup mistakes:
Help yourself first before helping others
Remember, it’s ok to say no
Learn to accept rejection
Narrow your focus
Don’t give up too early
Do you know someone who is getting ready to start their own business? Feel free to share this post with them and leave a comment below.
