Making mistakes is part of the learning curve for every startup. You can fix errors without having to change too much of your business. However, some mistakes are a big deal and can negatively impact your business.
Seemingly innocent gaffes can certainly be red flags to potential investors. Worst still, as an entrepreneur, they can cost you substantial amounts of time and money. Are you at risk of making such mistakes?
Here are some of the top mistakes every entrepreneur should avoid.
Blowing off payroll
Before you bring your employees on board, it is important to have a payroll system. This system should be able to handle all employer withholdings as well as make quarterly payments. The system should also effectively handle contributions for social security and medicare. For this reason, sign appropriate forms that affirm that your employees are cleared to work. Comply with all local and state laws. Consult an accounting advisor to help you avoid any payroll problems.
If college students came to your company and offered free labor in exchange for experience, it would be great, wouldn’t it? Do not even think of going there. Always pay your interns. This covers you and them for potential discussions such as worker’s comp, wage claims, college credit, back pay, tax payments, employment records, etc.
No marketing, no problem
Most entrepreneurs think that their outstanding idea shall sell itself. This couldn’t be further from the truth. Today, every company must strive to establish strong online marketing. Failure to do this could put your company or business in jeopardy.
Marketing gets everyone in your business involved. Through marketing, you sell your idea to the whole world. Build a great product and focus on making your clients happy. When you do this, in the long run, marketing will come easily.
Putting your customers last
Even if you have the best product, concept, or service in the world, you will not succeed if you’re not on par with your customers’ expectations. Your customers will not purchase something that does not meet their needs. Customer feedback is crucial, and if you value their feedback, your business will see growth. Even after the launch of your product, never forget to talk to your customers. Their feedback gives you insight into areas of improvement.
Hiring the wrong employees
Having the right employees is the gateway to success. Find people with different skills from you. Hire people that play devil’s advocate. Hire those who can help you find the right balance.
You can avoid making common mistakes as an entrepreneur. If you do, success will come your way.
Learn how to hire the right team with the free ebook below.