What not to do in a new business?
Mistake #1
Don’t have a plan how you are going to create and market your business. You have a good education, successful job history and decent relationships with clients and colleagues, and you want to be a consultant to sports teams; what else is there to know?
Mistake #2
Jump in full time without a golden handshake from your job. You need to test the waters to see if there is a business potential out there for you before you quit. Try working your venture on the side to work out the bugs while you stay employed. If there is an opportunity to get severance pay for reduction-in-force, consider taking it.
Mistake #3
Believe empty promises of future work. Get it in writing, and if you can, start the work while keeping some other stable income coming in. It’s easy to underestimate what it will take to survive as an entrepreneur. Don’t count on others handing you a business.
Mistake #4
Don’t call people you don’t already know. You must network and let everyone know who you are and what your business does. You don’t have to make phone calls and join organizations to become known.
Mistake #5
Waste a lot of money on dead-end marketing and buyers who are not serious. A small business can’t afford to waste money or time on non-productive marketing. Drop things that don’t work. Ask direct questions like: Do you have the authority to sign an agreement? What is your timeline on this project? When will you buy?
Mistake #6
Underestimate what it will take to start the business and cover living expenses. Don’t live off credit cards except in an emergency. Don’t live beyond your means. Cut back until money comes in on a regular basis.
Mistake #7
Poor time management can cause poor output. Business life can be feast or famine. If several jobs come in at once with similar deadlines, hire an assistant to help relieve some of the pressure and assure adequate time to maintain quality.
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