5 Traps to avoid when starting your own business

It’s an adrenaline-fueled journey but one that contains countless risks. After all, starting your business is a massive leap into the unknown and the days of that reliable monthly salary are well and truly out of the window.

Suffice to say; there are plenty of potential traps to fall into during this period. Bearing this in mind, whether you’re thinking about becoming your own boss as a hairdresser, contractor, accountant or any other field, read on to find out about some of the common, universal traps.

The ‘build it, and they will come’ philosophy

You opened your doors on day one, so the hard part is over, right? Unfortunately not.

This is just the beginning and a common trap. Just because you’ve opened your business, it doesn’t mean that people will find it. On the contrary, while you might see yourself as a small firm for now, you still need to deploy a proper, strategic marketing plan for your aims.

Without this, you’ll be simply waiting for those first customers.

You don’t understand all of your costs

You know that you need to buy stock, pay the rent on your commercial property, and maybe have a bit of cash set aside for unexpected costs. But do you really know all of your expenses?

Many new business owners fall into the trap of underestimating how much it actually costs to keep the doors open. Many overheads need to be considered, from utility bills and internet costs to insurance, business rates, and employment costs.

And, of course, don’t forget about the costs of actually marketing and promoting your business – something that’s often overlooked by new business owners, as we’ve already alluded to in the previous section.

Believing that you can do everything

You’re the boss now, which means you can do whatever you want, right?

Well, actually, no.

While it’s true that you have more control over your time, you need to be realistic about what you can achieve. Trying to do everything yourself is a recipe for burnout, so be sure to delegate where possible and build a strong team around you.

Not having a clear USP

What makes your business different from all of the others out there? If you can’t answer this question, then you’re in trouble.

In today’s competitive marketplace, having a strong USP is more crucial than ever. This could be anything from a unique selling proposition to a niche focus. Whatever it is, make sure that it’s clear to both you and, returning to that first point about marketing, your potential customers.

Not being prepared for the long haul

Starting your own business is a marathon, not a sprint. It takes time, effort, and dedication to make it a success.

You will likely fall at the first hurdle if you’re not prepared for the long haul. Be patient, be relentless, and most importantly, believe in yourself and your business.