The Top 3 Mistakes Entrepreneurs Make When Setting Up Their New Business EP187
The top three mistakes entrepreneurs make when setting up their new business:
First let me share this with you, I made many major mistakes when I started my first business, this is why in my first year I only had two sales and worked 12 hours a day 7 days a week to even get those!
Here I was a top sales professional in corporate America and I still wasn’t attracting ideal clients…as we know hindsight is always 20/20, but I want you to learn from my mistakes so you can have success much faster, easier and with more joy than I did.
- Setting up your business properly administratively and tax-wise from the start. I surprisingly did do this one correctly, but most new entrepreneurs don’t, and it can be a timely and expensive mistake to correct. It is absolutely worth it to hire a good accountant or CPA with business tax experience. Don’t use some random cheap accountant who only deals with basic 9-5 employee taxes.
- Starting a business with no ideal client in mind, and without any specific problem or solution that you are helping them solve. I see most people start businesses based on what THEY want to teach people and what THEY want to share with the world, leaving out the specific niche they want to go after and the specific problem they are going to help improve. You must NICHE TO GET RICH, but you also need to do market research to make sure that niche is a profitable one (which I did not do in my first 3 years of business).
- Having no customer acquisition plan. Starting a business even with a profitable niche but no plan on how to find and convert your customers, is a set up for having a VERY expensive hobby, or as I like to call it a Jobby. You will be working your bootie off for pennies on the dollar, resenting your business and wanting to quit every week, if you don’t bring in sales. Without consistent paying customers, YOU DO NOT HAVE A BUSINESS.
I go much deeper into these top three mistakes on this podcast episode, so do yourself a favor and have a listen. If I heard this advice 12 years ago when I started, or even in my first three years of business, I would have made significantly more money and actually had fun doing it.
Welcome to ProjectME the Podcast with your host Tiffany Carter, who takes the mystery out of making BIG money. A former NBC and CBS TV journalist, turned multi-millionaire entrepreneur, teaching you all things wealth, health, worth, and business. You can follow Tiffany on Instagram @projectme_with_tiffany on Facebook @projectmewithtiffany and watch her TV episodes on ProjectME TV with Tiffany Carter on YouTube.