12 fatal mistakes in business.

Dear entrepreneurs,

Starting a business is exciting! It’s also full of pitfalls that could pull you back to a 9-5 grind.

Here's how to avoid these and thrive instead:

1. Define your niche: Dive deep into market research to pinpoint your specific audience. An unclear niche is a common downfall.

2. Prioritize your health: Treat breaks and time off with the same importance as your job.

3. Set clear Goals and KPIs: Document your objectives and the metrics by which you'll measure success. Goals without KPIs are just wishes.

4. Make sales a priority: Without sales, there's no business. Craft a robust lead generation strategy and allocate daily efforts to sales activities.

5. Break out of isolation: The entrepreneurial path can be lonely. Engage with business networks, secure a mentor, and find peer support.

6. Prepare for taxes: A separate tax savings account can prevent bad surprises. Allocate a portion of each sale to this account.

7. Strategize: Distinguish between working "on" the business (planning, strategizing) versus "in" the business (day-to-day operations).

8. Financial planning is key: Keep a close eye on your finances, including revenue, expenses, and profit. Regular reviews are essential.

9. Price your services: Ensure your pricing strategy allows for healthy margins and reflects your value. Don’t underprice.

10. Master time management: Employ apps and techniques to prioritize tasks. Set time aside for deep work.

11. Excellent client experience: Regular feedback from clients can show areas for improvement so you create recurring clients.

12. Don't skip legalities: Investing in legal advice upfront can save you from potential pitfalls down the line. Avoid handshake deals.

Pro Tip.

Year 1: Focus on sales

Year 2: Build systems

Year 3: Grow your team and scale

Remember, all successful entrepreneurs once started somewhere.

You’ve got this!

Till next week,

Noemi

P.S. As you know I usually have a book recommendation at the end of my posts. (not affiliate links)

One of the books that saved me in my early days of business to help me:

• Always be profitable

• Save money for emergencies

• Pay myself a salary with PTO
  
  Amazon link