This time of year lends itself to reflecting on your past successes, challenges, and where you want to go next.
And for many of my clients, that means starting a business.
Are you interested in starting your own business? Maybe you’re already taking the first steps?
It’s absolutely vital for you to avoid some of the common business mistakes. I made plenty of mistakes as a newbie, and I want to save you the trouble.
Watch out, Life Editor! Here are some common pitfalls you might face.
No Business Tax Plan
I’m so embarrassed to admit that I didn’t pay quarterly taxes during my first year of business . . . so I had a hefty tax payment all at once. Eek.
It’s easy to forget that if you’re running a small business you’re going to need to pay business taxes.
While this might seem obvious to some people, it often slips through the cracks during the startup stages when you’re focused on content, traffic, and list building.
The good news is that it’s totally fixable. Set up a tax account immediately and figure out exactly how much you’re going to need to pay every quarter. You can hire an accountant to help you set up payments.
No Market Research
Right now, you might be super excited about your business idea and can’t wait to create products and services for your ideal customers.
But will they buy what you’re selling?
There’s no guarantee that your business will be successful, so do a little market research before you get started.
Research whether there’s a demand for your product. There’s a good reason I’m a life coach: there a thousands of people searching for motivation and accountability!
If there’s no demand for what you’re selling, then you’ll have to rethink your offerings. It’s OK to have a niche audience, but they need to be a buying audience too.
No Business Bank Account
A common mistake you definitely need to avoid is not setting up a business bank account.
You don’t want your personal finances to get mixed up with your business finances. That can lead to a big hassle down the road when you’re completing your business taxes.
It’s easy to set up a company bank account and get the system that you need in place. All your business expenses and income will be in one single account.
No Marketing or Promotion
Too many of my clients think that they can publish their websites and then immediately hundreds of thousands of people will be clamoring to get whatever they’re selling.
That’s not how it works. You won’t get sales if no one knows your business exists.
As I mention repeatedly in Startup In 60, a lack of marketing is the #1 reason new businesses fail. You must actively get in front of your ideal audience through advertising, blogging, social media, speaking events, email campaigns, videos, and more.
Show them what makes your business so great!
A strong marketing plan will make sure you don’t end up in a situation where your business is struggling on the market.
NEXT STEPS: Want more tips for boosting your biz? Join Startup In 60.
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