Most Common Pitfalls to Avoid When Opening a Startup

Tips to consider when launching a new business.

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(SALEM, Ore.) - As exciting as it is to start your own business, it can be equally overwhelming and almost frightening at times. Being an entrepreneur requires more than just a great idea.

Not that having one isn’t the best way to get going, but you also need to understand how to scale your business without falling victim to some of the most common pitfalls.

In fact, being able to identify them can be the difference between making a name for yourself and feeling like you failed even before you got started.

If you’re ready to take your startup to the next level, read on to learn some of the most common pitfalls to avoid.

Not Performing Market Research

The problem is, you aren’t sure if or who you should market it to or if there is even a demand for it. Not taking the time to research the market could cost you a lot of time, money, and possibly even your business.

You can avoid this by creating a market research strategy. Outline who you want to market to, your top competitors, and look online for demand. Once you identify the need, you may then invest in the vehicles and outfit with high tech monitoring tools, such as dash cams.

You learn that dash cams give you an inside look in how your drivers are performing behind the wheel. Dash cams can also help reduce the likelihood of accidents, increasing everyone’s safety.

Market research gave you the information needed to make an informed decision about your investment.

Not Validating Your Idea

Though, since this is most likely your first time entering the business world, you might not know what validating your idea even is.

It's when you test the viability of a business idea, so you have a better understanding of the market and the target audience associated with it.

There are many questions to ask yourself before committing to the launching of a new business. Although you may have a few good ideas, that doesn't mean they'll all turn out well.

Upon reflection, you might not even resonate with the idea. Either way, validating your idea can give you some much needed insight before you officially enact your plans.

Doing Everything Alone

This is something that's a little too common; doing everything alone is almost always a recipe for disaster. This goes for those who are lone wolves as well as those just trying to save on the budget.

Sure, it's tempting to handle everything yourself as you won't have to worry about a team member missing something important. However, going it alone can put a very unhealthy amount of stress on you both physically and mentally.

No one can handle that kind of workload by themselves, at least not when they get their business off the ground. You need to delegate a few tasks to others and rely on their skillset to be successful.

Not Defining Your Objectives

Not having concrete objectives can cause you to work around in circles, which will ultimately get you nowhere. A fantastic way to define your objectives is to create SMART goals.

SMART is an acronym for Specific, Measurable, Achievable, Relevant and Time-bound. The entire purpose of SMART goals is to outline everything you hope to achieve down to the tiniest detail.

Take the time to work through SMART. This information will be helpful to you in many ways. You may use some of your statements in a business plan, or a loan application.

This will also create a high level of accountability and help you with time and task management. Don't hesitate to spend time creating SMART goals and you will increase your chances of success.

Source: Salem-News.com Special Features Dept.