We love helping business owners grow and become successful! After years of working with clients on getting their businesses off the ground and to the point of financial success, it’s only fitting that we should dedicate an episode our entrepreneur fans.
This week’s mini episode of The Money Guy Show zeros in on the five mistakes all new business owners tend to make. Brian admits to making all of these mistakes himself when he was a new business many years ago and has seen it time and time again with others.
So, what are these five entrepreneurial mistakes and what can you do to avoid them if you yourself are a new entrepreneur or thinking about becoming one? Tune in to today’s episode to glean valuable insights about mistakes to avoid as a new business owner and lessons you can learn from the entrepreneurs who have come before you.
Here’s What You’ll Find Out in this Episode:
The 5 entrepreneurial mistakes everyone seems to make:
- You’re not sure what to sell, so you sell everything.
- To avoid this mistake, you want to figure out what you do better than 95% of everyone else and then monetize it. It is extremely common to offer everything when you’re just starting out, but the quicker you can focus your product or your service on a clear value proposition and offering, the better!
- You don’t charge enough.
- Call it imposter syndrome or entrepreneurial guilt, but when you’re just starting out as a business owner, any amount of business can seem like good business. Don’t be too cheap, though because you have to build with the end in mind. Your prices today need to also reflect the value your building for tomorrow.
- You’re busy doing absolutely nothing.
- Don’t fall into the trap of diversions and “busy work,” because you’re not exactly comfortable with focusing on the things that will make you he most money. One way you can keep focus and avoid unprofitable tasks is to prioritize three things each month that will help you move your business forward.
- No one respects or values free.
- People tend to value products and services by the amount they pay for them. So, if you’re giving your product or service away, your customers and clients simply won’t regard its or your value as high. And keep in mind also, that your priority and focus will always go toward your paying customers.
- Failure to plan.
- A failure to plan doesn’t set you up for success. A functional 3-5 year business plan should cover three scenarios: Best case, likely case, and worst case. Having these plans to look back on years later can offer quite a fulfilling sense of accomplishment when you can see just how far you’ve come from where you started out!
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