What You Need to Know to Avoid Critical Business Startup Errors

by Oct 5, 2021

Get 60% off the ‘Secrets of a Six Figure Freelancer’ ebook today

Creating your own startup can be a wonderful opportunity. However, it’s also very tricky to get started if you don’t have any experience. The best thing you can do for yourself is become aware of common mistakes for a startup, so you don’t make the same ones!

Be Cautious About Debt

Finances are notoriously difficult for small businesses to manage. It is easy for a startup to fall into debt. One reason businesses fall into debt is because they don’t fully understand what they are getting into financially. If you are applying for a loan, you should do plenty of research to know if the loan is fair and beneficial to you. Additionally, you should avoid things like credit cards which will only increase your debt. The best thing you can do is create a strict budget for your startup. This will help you to have a clear idea of where your money is going and what you can actually afford. Overall, organization can help you to manage your finances better and avoid excessive debt.

When in Doubt, Consult a Lawyer

Running a startup includes a lot of responsibilities and you will have to wear many different hats. This can quickly become overwhelming. One of the best things you can do for yourself is ask for help. If you are ever experiencing doubt, then consider consulting with a lawyer. A lawyer can help you avoid mistakes that can cripple your business. They can provide a lot of guidance for you and inform you about some best practices you can follow. With their help, you’ll make sure you are staying within the letter of the law.

Prioritize Marketing

Often when people create a startup, they get focused on a lot of the wrong things. You might prioritize raising money or you might be focused on perfecting your networking. In order to actually get your startup off the ground though, you need to make marketing a priority. The more your market, the more you can let people know about your startup and actually bring in some business. There are a variety of ways you can market your business. Digital marketing has become a major strategy for most businesses, like having a website in place. You can also register your business online and create social media profiles to get the word out.

There are plenty of mistakes that people make when launching a startup. Fortunately, most of these mistakes are common and well-known at this point. There’s plenty of resources you can look to in order to skip over the known pitfalls and get your business running smoothly!

Ready to market your business? Grab my book to get a step-to-step guide!

Other Posts You Might Like

Three AI tools for freelancers, that’ll help you work smarter

AI is revolutionising the world of business. Industries of all different descriptions are capitalising on the latest advancements that are...
Read More

UI vs UX: Are They The Same Or Different, And What Is Their Impact On A Website? 

The phrases ‘User Interface’ (UI) and ‘User Experience’ (UX) are frequently used in tech-related settings. What does a UX or...
Read More

Get Your Creative Business on the Map

As a creative professional, obviously you want to get your work out there. Often, though, that’s easier said than done....
Read More

How to Write Compelling Email Copy that Converts

In 2022 alone, there were a total of 333.2 billion emails sent out and received globally. Sounds outrageously high? That...
Read More

Running A Business & Having a Life

Running a business brings many challenges, and so does running a household. While the two aren’t mutually exclusive, keeping all...
Read More

Legal Issues Every Freelancer Should Know About

You may not have the resources of a larger company to handle legal matters, but it's important to know the...
Read More

Why You Should Become a Freelance Writer

Writing is a skill that doesn’t come easy to everyone, but if it’s something you do well and enjoy then...
Read More

How to Get Out and Promote Your Brand

As a small business owner, it's important to get out and promote your brand. You can't just sit behind your...
Read More

The Benefits of Working as a Freelancer

Freelance work has become more popular, but for many people, it can still be an unfamiliar idea. While there are...
Read More

Underutilized Tools That Can Grow Your Business

Your business deserves only the very best. You should also be aware of the common pitfalls for new startups. One...
Read More

Hi, I’m Kate

Hey, I’m Kate! I’m a designer, digital nomad and founder of Six Figure Freelancers – I love to help talented tech pros start businesses.

Work with Me

Get The Book

AppSumo badge

Featured Post

Would You Like Help Finding Freelance Clients?

Learn more about the Six Figure Freelancers training programs, and learn how to take your freelance business to the next level.

Pin It on Pinterest