5 Common Mistakes Entrepreneurs Make When Starting A Business

Updated: Sep 7, 2020

Mistakes happen. As an entrepreneur, you will make a lot of them. And while you will learn so much from them and they will help you grow in both knowledge and confidence (if you choose to look at them as a lesson instead of a failure), if you can avoid making these 5 common mistakes that most entrepreneurs make when starting a business, you might get farther faster.

1. Building Their Business Without Focusing On Marketing

You can have the perfect business structure in place and a well laid out website that looks sharp, but if you don’t focus on your marketing then no one will ever visit your website, no one will even know your business exists. The marketing side doesn’t have to come after you’ve built your business, it can happen before and simultaneously. “If you build it and drive traffic to it they will come”, is the new motto. You can start by focusing on building your online presence and sharing with your current audience what you are working on and what is going to be coming, share the journey and progress of it. Before your product or offer (or storefront) is even built, you can use this time to grow your email list by creating a freebie, coupon, or lead magnet.

2. Focusing Too Much on The Lifestyle They Want And Not Enough Time Creating A Product/Offer That Solves Their Customers Problem or Need.

Let me explain, I firmly believe that you should design your business so that it gives you the lifestyle that you want, but that is only possible if you create a quality product or offer that is designed to solve your customer’s problem and fill a need. Not wanting to work the 9-5 grind anymore and wanting more money so that you can do what you really want to do is not wrong, but when your business focus becomes just solving your problems and not enough time solving the problems of your customers then it’s destined to fail. Entrepreneurs and business owners must understand that their business exists to fill a bigger need and solve a problem that others have. In doing this they not only help the customer but they, in turn, create a thriving business that then gives them a lifestyle they love.

3. Building a Business Without Building A Brand

A business without a brand is the equivalent of only building the framework of a house. You can’t live in it, and most likely no one will want to buy it at full price. Your brand is more than just your fonts and colors, it’s how you connect with your audience. It’s how you present your business in a way that makes your audience and customers know you, like you, trust you, and ultimately buy from you.

4. Not Setting Their Business Up For Financial Success From The Beginning

You hear me talk about this a lot, and I may sound like a broken record, but that’s only because it’s one area that many entrepreneurs forget to focus on —or put off for a later date. I made that mistake and cost my business a lot of money. I basically worked for free. No one wants to work for free. If you focus on implementing the profit first method right off the bat, I can guarantee that your business will be in ship-shape come tax season or when you want to invest in yourself and hire a business coach to get you from five figures to six figures. Interested to learn more about the Profit First Method? Check out this book here. It’s the book that revolutionized my finances! (*It is an affiliate link. I will make a small commission off of it at no extra cost to you, and that money will be reinvested into my business to further help you!)

5. Wearing All The Hats For Far Too Long Being a business owner and entrepreneur you typically have to wear a lot of different hats. You are the CEO, Marketing & PR, Accounts Receivable, Accounts Payable, Payroll, HR, Social Media Expert, Content Creator, Strategist, Operations Guru, Logistics Leader —the list goes on and on. And while you may save yourself some money, what often happens is you find yourself working in your business and not on your business —and this can actually cost you more money in the long run. Now, this isn’t new information so my best advice to you is to outsource all the tasks that are continually tying you up and focus on the tasks that are going to help your business grow.

Get started designing a business the right way by watching my FREE Masterclass: How to Go From Corporate Job to Self-Employed in 90 Days WITHOUT Fear of Failing. Learn the 3 mistakes that are holding you back from starting a business and what you can do to move forward (with real-life examples), as well as the structure you need in place in order to build upon. Watch now!

Avoiding these 5 common mistakes is definitely going to save you time and money in the long run when you are starting a business. Another thing that will help you save time and money, in the long run, is the Lifestyle You Love Business System. I created this online course and mentoring program designed for aspiring entrepreneurs like you to build a business that gives them the lifestyle they love in 90 days or less without fear of losing money. You may be wondering: How do I get this business idea to where I want to be without having to spend a couple thousand dollars here and there in order to get it how I want it? This is a 12-month program, not because that’s how long it will take you to finish the course, that can be done in 90 days or less, but the other 9 months are will be focused on mentoring you to ensure your success. You will have access to an online course to help you design your business, monthly mentorship to help you implement your strategies, as well as being a part of a transformative community of like-minded entrepreneurs that you can learn so much from.

To learn more about the Lifestyle You Love Business System click here.

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