#29 Mistakes Business Owners Make When Starting Out
Starting out as a small business owner can be daunting, and I notice countless preventable mistakes that happen time and time again.
In this episode, I discuss the five most common mistakes I see business owners make when starting out, from a disorganised business structure to not having the right team of business advisers to support them. I share some tips that will help you lay the strong foundations required in order for your business to grow.
As a passionate believer in the phrase ”prevention is better than cure,” I hope to give advice to educate and empower business owners so that they can be prepared for sustainable long-term success.
With these mistakes identified I hope to save you the hassle so that you can get your business to where it needs to be.
TOPICS DISCUSSED AND WHERE TO FIND THEM:
[1:55]: Take the time to think about your business structure and make an informed choice. Early on, give thought to the specifics of your business structure as it is vital and will help set you up for success.
[3:05]: Not taking the time to have properly tailored business terms exposes you to unnecessary risks. Many disputes, claims, and allegations can be avoided if proper business terms are organised in the early stages.
[4:50]: Make sure to set up financial software, as it keeps businesses organised and on top of vital information that may be needed in the case of outsourcing.
[5:45]: Get the right team of business advisers. Getting advice early on and having the right conversations with a bookkeeper, accountant, and business lawyer can provide you with peace of mind and an organised business.
[7:05]: The longevity and sustainability of a business are compromised if the business owner is not looking after themselves. You are the business, so make sure that you are dedicating enough time for yourself by outsourcing when needed and having good time management.