3 Things Not To Do As A Business Start up

Starting a business is stressful.  Often you are entering unfamiliar territory of sorts.  Knowing what to avoid can take serious mistakes out of your way.  So what are the things NOT to do when starting up a business?

#1  Incurring Debt To Finance Your Business

This one can be controversial.   The purpose of business is to make money, not spend money.  You may be tempted to finance your business from debt, but beware of the pitfalls of what you might think is an easy way of raising finance.    Debt means you  are effectively working for your creditors.  

Expenses tend to build up before income can be made.  It is often necessary to put in finances into your business in order to generate activity to achieve income.  When huge debts are what finance the start up of your business, you will have to work to pay off the debt.  This effectively means you are engaging valuable resources that would have made  your business profitable. 

#2   Failing to obtain, record and act on customer feedback

Your passion may be to provide a service.  You must always remember that if you are not meeting a need, your relevance and existence is in question.  Obtaining customer feedback gives you an indication of what your customers need and how your business is progressing in meeting that need.  

Keeping a record of customer feedback enables you build a library of scenarios for further development of your services.

Frequently asked questions can cut the time in dealing with customer enquiries and complaints. Satisfied customers are return customers.  

Customer feedback let you have information on how you can improve and expand your services 

#3   Procrastinating

Procrastination can cost you competitive advantage.  Always remember that the greatest gift that can be bestowed is access.  

Procrastination can cost you access.  Windows of opportunity must be effectively used.  You are better off being fully booked and seeking resources to carry out your customer requirements than procrastinate as a result of not having sufficient resources on hand to immediately deal with demand. 

So, what business blunders have you made that you can share to help others to avoid the same pitfalls?  Please comment below

About The Author

Chuck

It all started with Eze (fondly called Chuck) fainting at the airport. When he regained consciousness, Chuck found himself in a mental hospital. He was diagnosed with Psychotic Depression. Over time, Chuck was diagnosed with a range of other mental illnesses with the final one being Schizophrenia. Unbeknown to him about this latest record on his medical files, Chuck carried on with day to day living over the next 14 years until he met Zoe. Over the next 4 years, Chuck and Zoe began a journey of faith to defy the odds of mental illness. Today Chuck’s medical records say NO MENTAL ILLNESS. He defied mental illness and is helping others do the same.

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