Many entrepreneurs are self-taught, so it's no surprise they take a wrong turn from time to time.
While you can't predict every error you'll make, there are some errors that happen more often than others. Read on to learn five of the most common mistakes new entrepreneurs make so you can act now, rather than react later.
1) Trying to do too much at once
When you're just starting as a business owner, there is pressure to wear as many hats as possible in order to keep costs down. While taking on everything you can is commendable, it is not a good business strategy. Even when profit has yet to pick up, outsourcing and automating mundane tasks is necessary so you are able to focus on the roles and responsibilities you’re best at.
Here are a few ideas for outsourcing your work:
- Accounting: Leave the finances to professionals. Find a reliable bookkeeper and accountant who has experience working with entrepreneurs and new businesses.
- Research: Letting a virtual assistant take over the research aspect of any project can drastically improve your overall productivity.
- Editing: If you spend your day writing emails and pitches, like I do, you'll want to make sure you have someone look over your work.
- Scheduling: If much of your day is meetings and phone calls, you might be wasting valuable time setting them up. Use a virtual assistant to help keep your calendar in line.
- Customer support: Keeping your customers happy is important for reducing your churn rate (retaining customers). However, you don't need to have a full staff handling it. You can outsource it to a company such as Zendesk.