Top 5 No-No’s When Starting a New Business
The COVID pandemic hit you hard. You are not ready to go back to the office yet. In fact, you’re thinking about quitting your job and starting your own business. You are convinced you can make a living selling t-shirts, hoodies, and hats. After all, tons of other people are doing it.
Whether it is t-shirts or anything else, starting in business is rarely as easy as first-time entrepreneurs imagine. It is even harder to succeed over the long term. Business is subject to tons of variables that have the capacity to destroy an entrepreneur’s hard work overnight.
aThis is not to say that you should squelch your dreams of being a business owner. It also doesn’t mean you should abandon t-shirts and find something else to do. What it does mean is that you should not rush into things. With that in mind, here are the top five no-no’s of starting a business, compliments of the owners of the Umai boutique clothing brand:
1. Making Creativity the Foundation
Many would-be t-shirt sellers are convinced that their creative genius is enough. Then it is only a short step to the mistake of making creativity the foundation of the business. Do that and you are setting yourself up for failure.
Umai designs and sells anime t-shirts, sweatshirts, phone cases, and more. One of the company’s owners is responsible for creating all of Umai’s artwork. But the artwork is not the company’s foundation. Its foundation is a commitment to produce high quality apparel for a customer base willing to pay for it.
2. Failing to Secure Funding
Starting any kind of business requires money. If you have enough to bootstrap your business for at least a year, you may be able to forego fundraising initially. But if not, you are going to need to come up with the funding somehow. You are going to need office equipment. You are going to need space. And depending on the type of business you want to start you may need a lot more.
3. Neglecting Your Website
Like it or not, modern business runs on the web. Even if your company won’t be selling products or services online, you need an online presence if you expect customers to find your company. And when they do find it, they will expect a website that looks professional, proves informative, and is easy to navigate.
Whatever you do, don’t neglect your website. It will be the face of your company’s brand. Get the website wrong and every other aspect of your business will struggle.
4. Failing to Plan for Marketing
It is all well and good that you have a great idea for a new business. But how will you tell the world about your products or services? So many small businesses never reach their full potential because they don’t market effectively. Do not make that mistake. Learn how to market your business. Then come up with a marketing plan from both the short and long terms. Finally, hook up with a marketing partner capable of helping you make your plan reality.
5. Expecting Overnight Success
The final no-no is going into your new business venture expecting overnight success. Very few companies reach the pinnacle of their industries within weeks of opening. Very few make it in months. Most businesses are built over many, many years of hard work and sweat equity. Yours will probably be no exception.
Avoid the five things mentioned in this post and your new business will be on good footing. As you build your business, don’t ever be afraid to ask for help.