When it comes to planning, launching and running your own business, you are bound to be faced with hurdles along the way, this is inevitable. Especially when you are a new entrepreneur, you are going to be hit with issues and challenges that you never expected. Even though becoming an entrepreneur elevates your life and provides you with a new found freedom, there are a couple of mistakes you can make and being mindful about them will save you a lot of stress, worry and time in the long run.
Here are a couple of danger spots new entrepreneurs tend to fall and get trapped in.
Doubting your gut feeling
Most of us have a strong gut feeling that is right 99% of the time. However, there are times when we neglect our gut feeling or not go with it. Even though it is wise and advisable to consult an expert in the industry or a well-seasoned entrepreneur, going with your gut is the right way. To add an extra layer of protection, be sure to research and test out your ideas before you invest your time, money and efforts. This way, you will be sure that your product or service is definitely going to succeed. An expert will help you get a better insight into your business idea and provide you with tips on how to improve it to better suit your target customer base, but this doesn’t mean you should move away from your initial idea or start to self-doubt.
Overestimating your own capabilities
If you have taken the step into the world of entrepreneurship, there is no doubt that you possess all the necessary skills and knowledge to become your own boss. However, at times, we as humans tend to over-estimate our own abilities which can lead us in a downward spiral. To avoid this happening, it is best to first conduct a very honest inventory of your skills, strengths and also your weaknesses. Outsource individuals that are highly skilled to carry out tasks that fall into your weakness category. This will save you a lot of time and effort in the long run. Remember, saving cash by going down the DIY route will come back to haunt you later when you have to spend bigger chunks of money to hire an expert to fix your mistakes.
Cutting the wrong costs
Most new entrepreneurs tend to cut costs when it comes to marketing, advertising and also business attorneys. You might think that printing off a generic contract off the internet to give your employees is all great until something happens and you are in a whole lot of trouble. Experienced small business attorneys are a necessary cost as they will make sure your contracts are iron-clad and save you from a massive legal issue in the future. Additionally, hiring a skilled marketing consultant maybe a cost now, but this is your source into tapping the target audience and bringing in revenue. So, should you really be cutting costs when it comes to these vital expenses?
Sometimes we like to think that our product or service is going to be loved by everybody. Let’s be honest, it is almost impossible to create a product that the whole world is going to want and need. Figuring out your target audience and the demographics and psychographics of your potential customer will help you adapt and improve your product or service to attract the target audience a lot easier. Start by listing out the characteristics and needs your ideal customer would have and then work on adding improvements to your product or service. This will also help you market your product better using a medium that is popular with this age group and you will be able to communicate your products in a manner that will attract them effortlessly.
At AMOS Label, we as founders have realised that we are not skilled in every aspect, therefore we have hired highly-skilled experts from different fields to aid us in creating high-quality menswear and womenswear that is designed in Australia. As a premium denim brand that creates unique, custom-fit clothing, we knew that our product is not going to appeal to everybody. As a slow-fashion brand, we did not want to target the whole world, instead our target audience was the ambitious, resilient and fashion-conscious community of entrepreneurs that believe the world is their runway.