Vesta Digital Blog

Start-Up Mistakes To Avoid

Posted on: January 31, 2011

Start-Up Mistakes To AvoidIt’s the start of a new year and maybe you have decided to start your own business. Or perhaps you’re already through the start-up phase and you’d like to see your business grow. New business owners often make the same mistakes, you should know which ones to avoid and which ones you might already be making.

Don’t set your prices too low

When you first get started it can be difficult to set a price for your product. You might not be one hundred percent confident in your price range and it’s important to be very careful in price territory especially if you are in services. If you are just beginning, setting your prices too low can be disastrous because you might not know exactly how long projects can take or what kind of unexpected expenses might come up. So learn to be proactive and think of all contingencies before setting your price.

Be careful with details

You have to be meticulous about your records. Organization can be the key to the success of your business. If you are a service-based business, jumping right into the project without a signed contract or at least an outline agreed by both parties can be detrimental to the end result. Be aware that you can get burned and you need to cover all of your bases before offering your services to anyone.

Update your business model

Your business model should be an ever-evolving idea. Every day you should experience things that give you an idea of how to better your business model. Customers like proactive companies that are continuing to try and get better. It will increase your brand equity and consumer opinion if you ask for feedback and update your business model. If you are too stubborn to quickly abandon something that clearly isn’t working, you’re setting yourself up for business failure.

If you ever get discourage because you knew you made a big mistake and it set your business back significantly, remember this: “failure is compost,” there’s no better way to grow your business than on the foundation of mistakes you learned from and improved upon.

Distributed by IntelBuilder Social Media Platform

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