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The most common mistakes a new Business owner makes

By 17th January 2017January 27th, 2022No Comments

Most common mistakes every new business owner makes

One of the greatest motivations for starting your own business is independence. It can also be your greatest challenge. No one to answer to except for your commitments to get a new business off the ground. You may be the sole decision-maker. What many new business owners may underestimate is the pressure of so many competing demands. These can leave you open to making silly mistakes or missing valuable opportunities. This can set you back and even put you on the road to failure.

There is no one foolproof way to start a business. You cannot expect instant success. It does not work that way. It takes long hours of hard work, planning, and worry to make a living. But, there are some simple, common mistakes every new business owner needs to know to avoid making poor decisions. Here are the most common mistakes every new business owner can make.

Failing to plan

While planning may be boring. It is a wise person that invests their time in researching and writing a good business plan for a new business. Things like market research and where your idea fits into the market place are important things to know. At a minimum, you need financial, marketing, and business plans.

Assess strengths and weaknesses

Assess your strengths and weaknesses. Just because you are a business owner you do not have to be good at everything. While you are ultimately responsible for it all, understanding your strengths and weaknesses will let you know where you need help from the beginning.

Hire the right people

When your business grows too big for you to handle alone, be prepared to hire the right people to tackle the tasks you no longer have time for or are among your weakest strengths. You can outsource work on an as needs basis or hire casual, part or full-time staff. Having the right support is crucial to success.

But, beware, avoid the trap of hiring friends and family unless they have the skills to do the job. Hire people who will help move your business forward.

Get good accounting software

Keep up with your business accounting with quick, easy to learn software like Big Red Cloud. It allows you to keep up with your accounts from wherever you are. Set up your financial records, generate invoices and final accounts, and VAT and management reports on demand. Whether at work, home or traveling the road, you can access your files from Big Red Cloud.

Avoid selling yourself short

Too often in service-based businesses, new business people undervalue the worth of their services. Sometimes this can be a failure to research the market or to get more business coming through the door. Doing this you may price yourself right out of business. Putting prices up is not always easy. Sure, everyone likes to get value for money. But, if potential customers view your services as too cheap they may think you are not as good as your competitors.

Consider this advice and when you first start your own business and it will help set you up for the long term.

Marc O'Dwyer

Marc O'Dwyer

After completing a Graduate program in Marketing, Marc’s impressive sales career began at Allied Irish Banks, Pitney Bowes and Panasonic where he received numerous Irish and European sales performance awards and consistently exceeded targets and expectations. In 1992, Marc’s entrepreneurial spirit led him to set up his own business, Irish International Sales (IIS). Initially, this company was a reseller for Take 5 Accounts and Payroll software. Within four years, IIS became the largest reseller of Take 5 in Ireland, acquiring four other Take 5 resellers. He also found time to set up two mobile phone shops under the Cellular World brand and a web design company offering website design services for small businesses. In 2001, he bought the majority share in a small Irish software business, Big Red Book. At that time, the company was losing money. The company became profitable within two months, and Marc then acquired a payroll company to compliment Big Red Books Accounting products. In 2003, IIS were appointed as Channel Partners with SAP for their new SME product, SAP Business One. Marc sold his Take 5 business and concentrated on developing this new market for SAP As a result, by 2007, IIS was recognised as the largest Channel Partner for SAP in EMEA (Europe Middle East and Africa). In 2008, the IIS Sales Manager bought the Company from Marc in an MBO. He launched Big red cloud in June 2012, the online version of big red book, to date the company successfully converts 59% of trials into sales and the number of customers is growing rapidly. Marc continues to run both Big Red Book and Big Red Cloud which now support 75,000 businesses. He is a very keen sportsman, having played rugby for 20 years, represented Leinster at under 16 and under 20 levels, and league squash with Fitzwilliam Lawn Tennis Club for 10 years. Marc has competed in 11 Marathons, including the London and Boston Marathons, and has completed several Triathlons and Half Ironman races. He has also completed six Ironman Races in Austria(x2), Frankfurt (Germany), Nice (France) , Mallorca (Spain) and Copenhagen (Denmark)

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