Five Mistakes to Avoid as a Solopreneur
Running a business often comes with plenty of learning curves. After years of working with entrepreneurs, I’ve noticed a pattern of mistakes that can so easily be avoided. If you’re serious about business success then steer clear of these common startup traps.
1. Too Many Ideas!
When you first start out it’s easy to want to do all things at once. You have so many ideas and you’re sure that if you just work hard enough, you can make them all happen. Hold up - This is a mistake waiting to happen! Instead, master one thing at a time. Focus your energy on your key idea and take baby steps to achieving it. This is a much more sustainable way of working and guarantees a higher quality of work.
2. Unnecessary Costs.
Entrepreneurs can easily find themselves with unnecessary overheads, before they’ve even started earning. It feels as if you need the fanciest website and the best business cards - but you really don’t. Start with the basics and grow from there. By keeping your starting costs lower, you keep some pressure off and can enjoy the beginnings of your business.
Being an entrepreneur and going solo doesn’t mean you have to isolate yourself. When you’re starting out on a solo project it’s too easy to think you can do it all alone. In reality, every venture is made easier when you have support. Avoid isolation by being intentional in your networking; find a business buddy, get to know other local entrepreneurs and go to events that give you the chance to meet likeminded people.
Networking is such an important (and often neglected) skill when you are new in business. It’s not only an excellent way to build your business, it’s a good money saving tool too. For example, offering a series of hypnotherapy sessions to a web designer in exchange for a website build could be a great solution.
4. Short-term Thinking.
One of the classic mistakes is ignoring the long-term goals and focusing only on immediate gratification. If you’ve got an idea you’re excited about and you’re ready to go all out to make it happen, be sure to think about long-term strategy and remember - this is a marathon, not a sprint. Be sure to plan ahead for future growth to avoid the dilemma of short-term thinking.
5. Working Hard, not Smart.
As a business owner, you know you need to work hard. But this shouldn’t mean working in unsustainable ways. Instead, think about smarter ways to get more done. Sometimes this means outsourcing - is there a task you could delegate? Or perhaps you need to embrace automation for certain processes in your business. There are plenty of programs out there designed to make your life easier by automating bookkeeping, invoicing, social media and more. Why not explore these options and avoid overloading yourself?
Being an entrepreneur is a brave choice and one that should be applauded! There are so many opportunities to build a business and a life that you love. By avoiding simple mistakes along the way, you can make the whole process less stressful. If you need a bit of extra support, don’t be afraid to ask for help. We’re in this together!
Shereen Hoban is an executive business coach and entrepreneurial coach. Book a free 30 min consultation call to find out more about her coaching services and programmes here: www.shereenhobancoaching.com Sign up to join her Launch & Thrive Facebook Community for Women Entrepreneurs.