One of the core philosophies I use to help my business coaching clients is based on my list of the 7 biggest mistakes entrepreneurs make in the early stages of launching their business. These are all mistakes I have made during my 23-year entrepreneurial career. This article is the first in a 7-part series, with each of the 7 mistakes having its own article. We are going to cover mistake number one, which is:
Business owners invest in infrastructure they don’t yet need
The number one example is business cards. Some people invest in business cards before they invest in the business itself. Or in the digital age, many entrepreneurs invest in a fancy website before they invest in creating a customer acquisition strategy.
I’m not saying business cards and a nice website aren’t important, but you have to focus on acquiring customers before you focus on anything else.
I remember when I started my first business. One of the first things I did was invest in a fancy desk. Then, once the desk was in my office, I thought “Now I need a fancy chair.” It didn’t stop there. I invested in a professional logo, business cards, and letterheads. I was worried about the vanity aspects of my business instead of what was actually important for growing my business.
Making this mistake help me early in my career helped me avoid this mistake when I started my recycling company. I had a decent amount of money to invest, but I held off on the vanity stuff and focused on my efforts on customer acquisition.
Instead of investing in a fancy logo from the start, I did the logo myself. I took the first letter of each word in the company name and typed them into Microsoft Word. Then I scrunched the letters together so they overlapped. I used this as my logo for about six months.
I invested in a professional logo once I had a steady flow of customers. This business is one of my most successful businesses to date.
If you want to avoid this first mistake, all you have to do is stay focused on providing the best product or service possible. Your business has to be financially viable before you focus on the things you want to do.
A Business Coach can help you create a simple and effective customer acquisition strategy customized for your industry. Schedule a consultation with Titanium Success to learn more.