5 Mistakes To Avoid In The First Year Of Your Business
I turned my blog into my professional 3 years back. I took blogging like a normal job but when I started collaborating with brands and started working in association with the big companies, I realized it’s a business. It’s just like any other business where you launch your firm and maintain it. Just like other businesses, here also you don’t get a specific amount of money every money (like in jobs)… At times, I got 90k in a month but there were also months when I earned as little as 5k in an entire month.
But then too, I had to pay to my team from my own pocket. At times, it was 250% profit but at times I was in total loss.
I also made many mistakes when growing. Therefore, I decided to share 5 mistakes to avoid in the first year of your business. I am sharing from my own experience and I am sure you learn a lot from the mistakes I made in the first year of my business.
#1) Starting solo:
Remember, the more the merrier! At times, you need a partner to take decisions or do discussions which becomes really stressful when you are alone.
#2) Incomplete business plan:
Just because you have a financer, doesn’t mean you will be able to launch and maintain a successful business. A full fledged business plan is really important. Make one! A solid one!
#3) Spend wisely:
Loaned or financed, you should spend your capital wisely. Sometimes, you will have to pay big bills or employees salary, even when you company is in loss. Maintain that!
#4) Do it because it’s your dream or passion:
…and not because you want become a millionaire or famous or have 5 million followers on twitter.
#5) Always have a plan B:
Anything can go wrong despite having a full proof plan! A solid backup plan is always important.
This is happening for the first time that I am sharing something from my own experience of entrepreneurship. I really hope this article will help you.
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Take care and keep growing!
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