Is there a statute of limitations for past jobs? If so, then I have a slight confession about the last corporate job I had.
During my last three months at that job, which was around the time when I decided that I was going to go out on my own, work wasn’t very important to me. If I took a long lunch break, it didn’t matter. If I wasn’t productive every hour I was at work, I didn’t care. No one was going to nominate me for employee of the year, which was fine…I didn’t deserve the title.
I can’t say the same about working for myself. As a business owner, every minute counts. If I make a mistake, whether large or small, it can potentially cost me time, money and aggravation.
All of us make mistakes. Without them, how would we learn anything. Save yourself from stress and anxiety by considering (and avoiding) these common business mistakes.
Mistake #1: Spending too much money on overhead
A suite of offices may make you feel that you’ve made it. It may also make your friends and family stop asking you when you’re going to get a “real” office. But if you run your business mostly by phone and e-mail, why waste money on rent? Instead— at least for your first year in business — run your business from home. You could take the money you save on rent, and spend it on office equipment or other supplies. If you reach a point where you need to meet with clients more often, or your family needs to use the spare room you’re now using for a home office, you can look at a co-working space or a shared office suite. Unless clients need to meet with you in your home office, renting outside space doesn’t make sense when you start your business. Even as your business grows, you can still work from home.
Mistake #2: Failing to research demand for your product or service
You may have an innovative product or service, yet if no one needs what you’re selling, you’re wasting your time and money. Set up online surveys and ask your clients, business associates and site visitors questions to find out how interested they are in your product or service. The time you spend researching your idea will save you time in the long run. SurveyMonkey and Polldaddy offer inexpensive ways to collect the information you need.
You may have to bribe people to answer your survey. After all, you’re asking someone to give up a few minutes of their time and they may wonder “What’s in it for me?” before they give up that time. Offer a discount on your services or product when someone finishes the questionnaire.
Mistake #3: Ignoring the competition
Don’t obsess over what your competition is doing, yet don’t discount new services or products they have to offer or even a new website they’ve created. Sure, imitation is the sincerest form of flattery, but don’t copy your competition. Find your niche and develop a market around it. Eventually your competition will start taking a closer look at you.
Mistake #4: Not networking
When you go out on your own, e-mail and call everyone you know including clients, business associates, friends and anyone else who can help your business grow. Set up meetings at coffee shops, restaurants and even their offices. Whenever you meet someone, find out what they do and see if there’s a fit. While you can use social media to network, join trade associations and business groups and go to their weekly or monthly meetings.
Mistake #5: Not being clear about your business
Think about the old saying, “If you don’t know where you’re going, how will you know when you get there.” Make sure you have a clear vision of your business, especially how you’re going to make money and find new clients. When you know where you’re going, it’s much easier to get there.
Mistakes are part of being in business. The key is to turn mistakes into lessons. But then again, if you can learn a few things without making mistakes, that’s also a good plan.
What business mistakes have you made and what have you learned from them?
Hi Lisa, I hope you’ve been nominated for the Employee of the Year now! It sounds like you deserve it and are spreading the word about what it takes to get there with these awesome tips. LOL!
Seriously – I really like your points about not networking and not having a plan. At least if you are involved with the right networks you will find collaborators and mentors that will help you find some direction.
Great post!
Thank for the encouragement.
Ileane recently posted..The Emotional Roller Coaster of Blogging “Keep Your Head Up”
Thanks, Ileane. I’ll discuss that with the president of my company!
I’ve made a point this year of networking more and it has really paid off. It takes extra effort to schedule the time out of my office, in some cases go out of town for conferences, and be more outgoing, but I’ve developed some very good business relationships. I appreciate your kind comment.
Lisa recently posted..5 Home Office Mistakes and How to Avoid Them
Hey Lisa, I just wanted you to know that I submitted this post to BizSugar and it’s currently on the front page! btw – have you thought about joining BizSugar? You can read more about it in the post I linked to in CommentLuv.
Cheers Lisa!
Ileane recently posted..BizSugar a Social Network for Small Business
Thanks for doing that, Ileane. I’ve noticed a HUGE increase in site traffic. I joined BizSugar yesterday. Thanks again!
Lisa recently posted..How a Broken Fridge Can Motivate You to Reduce Home Office Papers
All good points! The one mistake I’ve seen over and over is not doing research. It’s really heartbreaking to see someone try and build a business around a product nobody wants. You have to sell something the market is craving. Don’t try and re-invent the wheel. I learned this the hard way on a couple of my own products. Stick to what people want and you’ll never go wrong!
Martha Giffen recently posted..5 Brilliant Ways To Improve Your Productivity
I couldn’t agree more. I’ve thought of a product or two that I was sure would be a bestseller and after doing some informal research, I figured out I was wrong. By taking the time to research an idea, I’ve saved myself time, money and frustration. Listening to others definitely goes a long way! Thanks for your comment.
Lisa recently posted..5 Home Office Mistakes and How to Avoid Them
I think your first question is a critical one. Too many folks fail to discern what the effect of NOT having an office may present to potential clients. I am not saying to not operate from home- but determine what limitations on your market that imposes.
If you are a freelance writer, I am fairly certain, this has no effect. If you are a family lawyer, then you will find your business prospects fairly limited. If you a business coach, you may be able to operate from home- but need an occasional use of a conference room or office for some clients.
Don’t forget to consider this aspect.
Roy A. Ackerman, Ph.D., E.A. @Cerebrations.biz recently posted..Any similarity to reality is intentional…
You’re right, Roy, that a business owner needs to see it from his or her clients’ point of view. The type of business you have, needs to dictate where you work.
I know a psychologist who has a home office and I’ve always wondered if her patients feel uncomfortable when they hear her kids fighting in another room or the TV blaring in the family room. As much as I promote working from home, I realize that it’s not for everyone because it’s not conducive for certain businesses. As always, thanks for your insightful comments.
Lisa recently posted..5 Home Office Mistakes and How to Avoid Them
Great tips. I love tips #3 and #4. Finding your niche and meeting people….key in being successful. Thanks for the insight!
Sharlene Santana recently posted..Top Social Tips To Unleash Your Inner Extrovert
Thanks, Sharlene. Out of all of the tips, those two may be the toughest, but have the biggest payoff.
Lisa recently posted..5 Home Office Mistakes and How to Avoid Them
So many people fail at those tips, they copy competition instead of trying to do something better than the others, cause THAT’S the point where you succeed. Thanks for the great tips Lisa !
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Regarding networking: It has the biggest payoff because so much time & care needs to be put into forming & cultivating those relationships. For instance, I had been networking & getting to know one individual for about 3 years now, and only recently have we talked about working together in some capacity. Granted, I’ve also had opportunities present themselves within meeting someone for the first time, but it’s not always a quick return. But, absolutely my favorite way of generating new business. You never know who knows who.
I agree, Sandra. Through Twitter and Facebook, I’ve developed several good business relationships and we’ve worked together on different projects. Great line: “You never know who knows who.” That’s so true!
Lisa recently posted..All Dressed Up: A Working Naked Update
#4 and #5 resonate strongly with me Lisa. I’ve lived them. I wrote 300 plus blog posts before I decided to network, so 300 plus blog posts – without great SEO – sat on ice. Lesson learned.
I also feared getting clear on my private activity – cash gifting – for the backlash I might encounter from folks unclear on their business. Gifting generates some interesting characters to say the least, and even though my intent was clear I was afraid to share it freely, so I hid. Of course, when I realized that anybody who criticized me was simply miserable and unclear on their choice of business – or activity – I became more clear, my gifting team grew and I felt much better.
Heed Lisa’s advice folks! Learning from these mistakes takes months or years off of your learning curve. Network like a champion and be super clear on what you have to offer and you will grow your home business or opportunity with greater ease.
Thanks for sharing Lisa!
RB
Ryan Biddulph recently posted..How to Inspire Your Home Based Opportunity Team Like a 5 Star General
Thanks for your insight, Ryan. The people who keep making the same mistakes and wonder why their business is at a stand-still are the ones who give up and discourage others. Instead of learning from their own mistakes and mistakes others have made, they try to bring others down with them. I’m all for taking years off of the learning curve and you’re right that one of the best ways to do that is to network with others.
Lisa recently posted..5 Home Office Mistakes and How to Avoid Them
“If you don’t know where you’re going, how will you know when you get there.”
I love that quote! Very true! Great post and some great tips we all need to keep in mind. Thanks for the informative tips.
It’s also one of my favorite quotes and is a good reminder to stay on track.
Lisa recently posted..5 Home Office Mistakes and How to Avoid Them
It’s funny – but these 5 things could also be the headings for “Mistakes to avoid when running for office”
… Just goes to show politics is a business too LOL – Great post!
Anthony Caruso recently posted..Guilt Free Old Fashioned Green Bean Casserole
Ha! Good one, Anthony!
Lisa recently posted..5 Home Office Mistakes and How to Avoid Them
Wonderful, solid advice Lisa!
Took me a while to get into the basic ideas of not spending too much on unecessary stuff and thinking I could do it all alone.
And it still surprises me how many established businesses don’t seem to pay the slightest attention to what their target market is actually looking for (if they know who that is of course!)
Love the clarity in this list, thanks!
Jym | Indirect Marketing recently posted..7 Sure-Fire Ways to Make Your List Hate You
Thanks, Jym! So many of us are guilty of spending too much and trying to do everything alone. Maybe that’s what makes us entrepreneurs.:) I’m surprised too that some businesses don’t care about what their target market wants.
Lisa recently posted..How a Broken Fridge Can Motivate You to Reduce Home Office Papers
Hey Lisa, good tips!
I’d like to add to #1…along with not spending too much on overhead, I would beg people to not spend too much on applications, tools, etc. I try free products before ever paying for a premium service (and then only if it will serve me well and is worth the cost in return). Also, I like to keep (mostly) everything in the clouds which greatly helps with flexibility and those apps can sometimes be cheaper than desktop apps, depending on an individual’s business needs.
P.S. : I just found a cool little web conferencing app called Join.me and it’s free…so I no longer have a need for go to meeting
~Kesha
That’s excellent advice, Kesha. It’s so easy to equate a good app or tool with its price tag when you’re right that there are good, FREE options available.
Lisa recently posted..All Dressed Up: A Working Naked Update
I find networking a little challenging and it makes me feel frustrated at times
Chris @ NetBizInfoGuide recently posted..How To Earn From CPA Ad Network
I think that’s challenging for many people. As with anything, it takes practice.
Lisa recently posted..All Dressed Up: A Working Naked Update
You’re very right about mistake #2. A lot of people do it very often. I did it myself when I started making money. Research is so important that sometimes we tend to forget about it.
A good research= Win situation.
David Jones recently posted..Sephora Printable Coupons
It takes extra effort, but the time it takes to research a new product or service pays off in the long run.
Lisa recently posted..All Dressed Up: A Working Naked Update
All of us make mistakes. Thanks, Ileane. Thanks for doing that, Ileane. I think your first question is a critical one.
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