Can I share something with you? I’ve made a lot of mistakes with my business over the years. Starting a new business isn’t as easy as it sounds – but if you do things right, it can really help your business take off!
Here’s 5 of the biggest mistakes new business owners make.
1. Not filing an LLC
It was years before I did this for my own business and I realized I was taking a HUGE risk. Filing your business as an LLC (or Corporation) protects your personal assets and essentially keeps your business separate from your personal life (your home, car, spouse’s assets, etc.)
2. Not keeping finances separate
Mixing your business finances with your personal finances is a big mistake when it comes to starting a new business. You’ll want to create a separate account for everything related to your business. I’ll be the first to admit that I’m not great with finances. It was my husband’s advice for me to open a separate checking and savings account for my business and also acquire a business credit card for purchases. Having separate finances for your business helps you to easily see how much money you have coming in and going out.
3. Not registering a domain name
Before you even choose a name for your new business, you need to check that a domain name is available for you to use. A domain name is your website address. You can easily see what’s available by going to GoDaddy.com and entering the domain name you want. You’ll want to do this as soon as you start your business, even if you have no intentions of setting up a website in the near future. Locking in that domain name prevents another business from taking it for their own use.
4. Not utilizing social media
Social media is where the majority of my sales and new clients come from. Without marketing your business on social media, you’ll be buried in the online world, never to be found by anyone. If you’re overwhelmed by the idea of marketing your business on social media, start with just one site: Facebook, Twitter, LinkedIn or Pinterest and educate yourself on the how to get noticed.
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5. Trying to do everything yourself
Being a solopreneur can be really overwhelming. At some point you’re going to need to outsource some work by hiring a professional. Realizing that you can’t do it all yourself will not only help you grow your new business exponentially, but it will alleviate you from the tasks that are preventing you from doing what you truly love.
Here are some ideas for ways to outsource in your new business:
VA (Virtual Assistant)
SMM (Social Media Marketing) specialist
SEO (Search Engine Optimization) specialist
Following these tips when starting a new business can help save you from a lot of headaches and help grow your business faster. Many of these mistakes I’ve made with my own business, hopefully this post will help prevent you from making the same mistakes.
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True story: In 2016 I closed my business for 1 year after having our son and it was the BIGGEST mistake I've ever made. I totally get how overwhelming it can be to build an online business while raising a family... um, 3am work nights fueled by a pot of coffee - been there!
Which is why I've dedicated Sugar Studios + this blog to helping entrepreneurs like YOU build the business you've been dreaming of.