Want to quit your 9-5 job and thinking of starting an online business? or perhaps you want to earn side income while still working at your 9-5? Then, you might want to know how to avoid these 3 common mistakes people make when starting a business.
Do you always wonder:
- Should I leave my existing job and start a career doing something I love?
- Would I regret it a year later?
- What if my business fails?
You’re not alone! I was thinking exactly the same things a year and a half ago.
PS: I chose to leave. And I have to tell you: starting my own social media marketing business was the best decision of my life! (That, and getting a baby kitten) So, today I want to share with you some tips on how to get started and build a successful online business as a service provider.
Starting a business is not the hardest part. You can spend a week creating a free website, register a domain and pay for hosting. Then, create a presence on 2-3 social marketing platforms and you start marketing your services. But growing your business comes with unique challenges, and especially your first year in business in essential to your long term growth and success. In your first year, you’ll face many challenges and make some of these common mistakes – like we all do. But if you know what they are you can avoid them.
3 Mistakes People Make When Starting a Business
Ready? Here are 3 mistakes new service providers make and how to avoid them.
Mistake 1: Not setting the right expectations
Many people think being a business owner is easy. 6-figures income in 2 weeks? Yeah, who wouldn’t want to leave their 9-5 job for that prospect? Spoiler: it’s not always the reality. Running a business is HARD. In fact, more than 80% of new businesses die within the first 18 months.
Acknowledge the challenges ahead and ask yourself: “Are you REALLY willing to put in the work?” If your answer is “Yes!” – you are ready to be an entrepreneur.
Mistake 2: Going into debt from the start
Don’t borrow huge amounts of money from the start. I know you’re going to feel pressured to invest in a “business coach” or buy super expensive equipement – but let me tell you you don’t need it! Instead, start slowly with little or no funds and invest staggeringly once you’ve validated that your business can make you money. You’re quite fortunate to live in a time where you can start an online business only with a laptop.
I have seen many people invest into coaches from the start and few months down the road decided that they don’t want to be in that business anymore. So, I just want you to be careful.
Mistake 3: Overcharging for your services
This doesn’t mean that you should work for free (although I do recommend doing some work PRO bono and get yourself a few testimonials) – just that you’ll charge a fair price. Later on, when the clients see the value you’re bringing to their business, gain their trust you can think about increasing prices.
The key to long-term success is customer retention. Keep your clients happy & you’ll be in this business for a long time.
There’s no quick way to success. With any business, you have to put in the work if you want to achieve sustainable growth. The first year in business, I would have to say, it’s especially hard. You’ll face many challenges and obstacles and you need to be ready. That’s why, I hope the tips I shared in this post help you in deciding whether or not starting a business is right for you.
I wish you all the best of luck! And let me know if you have any questions. I’ll be happy to answer them.