If you are considering starting your own business, be aware of the following ten mistakes that you will probably make.
Forewarned is forearmed as they say, so it is better to learn from all these points if you wish your business to have the future your dream of.
Starting Out Slowly
If you do not have enough money ready it is not wise to start a business, as you will probably fail before you have even started. Moving at a slow pace is no good; you need to start making good money from the beginning in order to succeed.
Rushing into Employing Staff
Before rushing in to hire employees to do all the work, make sure you understand each area and what duties are involved. Do the jobs yourself first so that you can better understand what is involved and find the best people for the job in hand.
Naturally things will be challenging at the start but the sooner you know what and who you need for each position, the better. Get your hands dirty and do the jobs yourself first in order to be able to do so. If you rush in where angels fear to tread, you will end up hiring the wrong people and just make more work for yourself.
Using Your Heart Instead Of Your Head
Often we are guided by our emotions – which may be all right in everyday situations but not in business. In business you need to be logical and use your head even if your heart is telling you to do something else.
Ignoring The “Customer Is Always Right” Moto
There is a good reason for this saying – the customer is always right because without them you have no business, they are the ones who will make you sink or swim.
So, even if you think you know better, whether it is a new idea for a product or any other important change, make sure you do your research to find out if this is what the customer wants, if it will sell, is it logical and right for the business and your clients. Do a survey – then and only then, go ahead and make changes or create a new product.
Not Getting Involved
A successful CEO does not just sit around ordering employees around. You need to be involved and responsible for the well-being of the company and its employees. You should ensure you are involved in every aspect, whether it is talking to clients, working out how to improve services or making plans for future expansions. Allow your employees to make suggestions as well – get to know them and your customers in order to make the best decisions for everyone.
The old saying “a penny saved is a penny earned” makes sense. Money doesn’t grow on trees and you need to be frugal, especially in the beginning. Make sure you spend money wisely. Only spend when absolutely essential and bargain when necessary to keep down expenses.
Missing A Business Partner
You can’t do everything on your own, there aren’t enough hours in the day and you would wear yourself to the bone trying.
Find a business partner to help you – they will work hard as it is in their interest to do so. Most large companies have a co-founder to help, especially when starting out as you can’t afford to hire a load of employees and will need help.
Over – Worrying About Tomorrow
Try to concentrate all your time and effort into the here and now and not start worrying about the future. You should, of course, be prepared for the future and have some idea of where the business is going but don’t obsess about it. You should just focus on what is best for the company right now and make sure there is enough money to survive.
Being Afraid To Ask For Help
You can’t be expected to know everything, don’t be afraid to ask for help and advice when needed. As you get more experienced in your given field, there will be less need to ask for aid but in the meantime find an experienced advisor to give you advice when necessary.
Forgetting to Relax
Starting a business is stressful enough without working all the time. You will end up in the hospital if you take too much on. Ensure that you take time out for yourself, relax and spend time with friends and family to recharge your batteries.
Don’t expect too much too soon, give your business time, don’t be afraid of making mistakes, everyone does in the beginning. Make sure you always learn from any mistakes so that you do better in the future and know what to expect.
You are setting out on a great adventure after all, so enjoy it. You are fulfilling your dream starting the business of your choice. Don’t fall into any of the above pitfalls and you are on your way to success! To be sure, PHS is here to give you a hand and make sure your take-off is as smooth and error-free as possible.
If you want to work with professionals who provide exceptional quality standards of services in Cyprus, the simplest way is to fill in this contact form.
We will analyze your case and advice you on:
- What company structure suits you best,
- What is the best Tax solution(s) for your business,
- What Banking and cash flows arrangements available.
We will take you through a step by step process from A to Z in creating the perfect business in Cyprus.
Can’t wait any longer? Fill in the form and submit your inquiries make your first step and we will deal with the rest.
Become even more successful by working with accountants you can count on and be among the thousands that already did.
If you want to work with professionals who provide exceptional quality standards of services in Cyprus, the simplest way is to fill in the contact form below.
We will take you through a step by step process from A to Z in creating the perfect business structure in Cyprus.
Can’t wait any longer? Become even more successful by working with accountants you can count on and be among the thousands business that already did.