Starting a new business is one of the most exciting opportunities there is.
However, in the rush to get things done, it is easy to overlook initiatives you should pay more attention to. Here are five mistakes to avoid when launching your business.
1. Forgetting a marketing strategy
You might depend on friends and family to be your first customers, but you need to expand your reach. Develop a marketing strategy and use the techniques available to you. Put up a website for your business then use networking, ads and social media to get the word out.
2. Ignoring the need for written agreements
Execute written agreements with partners, suppliers and even customers when necessary. Rely on legal guidance to create professional business documents such as employment, non-compete and severance agreements.
3. Underpricing products or services
Be sure to charge what your products or services are worth, and nothing less. Find out what your competition is charging and figure in the time or materials you put into the item or service.
4. Neglecting to protect intellectual property
Taking care of your intellectual property (IP) is important from the very beginning. You may need to protect your company logo, a set of photos or documents among other items. Keeping your IP safe may mean filing for a trademark or copyright.
5. Failing to plan ahead
With so much to think about when getting your new venture up and running, you may only focus on the short term. However, you should consider where you want your business to be a year from now, or five years from now. Focus your thinking on future products, personnel and other important aspects of the business. Failing to do so is one of the mistakes you should avoid as a new business owner.