But running your own business is different. It takes an immense amount of time and effort to open your business, and one mistake may cost you everything; your reputation, future clients and even your entire life savings. So to keep you a few steps ahead of the game, here is a list of the three most common regrets for first time business owners.
1.) Being unprepared for growth. Every owner hopes their business will be an immediate success, but very few are prepared for when it happens. Being prepared means you have the proper personnel needed to handle the increase in work (shipping and manufacturing, for example), the skills and equipment to keep everything organized and the ability to have effective communication and collaboration among your employees. Remember, getting new customers isn’t too tricky; keeping them is.
2.) Failing to keep a database from the start. Many people put the record keeping tasks to the back burner when they open a new business. After all, they only have six consistent customers, so why not just worry about the customers you have and deal with more as they come? No problem, right? Not quite. This might have been a fine business strategy when you were 12 and running a lemonade stand, but not anymore. You need to have an organized and up-to-date database from day one, including your list of customers, their contact information and purchase receipts.
3.) Hiring friends and family. This tends to be one of the most common business mistakes of all time, so we’re going to reiterate its importance: don’t hire someone because you like them, hire someone because they are the best possible person for that job. When you hire someone based on their likeable personality alone, you are setting yourself up for two major issues: the job won’t be done with the quality you’re expecting and bridges could be burned in the process. Nothing ruins a friendship like having to fire your friend, and you don’t want to put yourself (or a loved one) in that situation.