6 Mistakes That Stunted My Business’ Potential When I Started
Starting a business means learning from a thousand mistakes. The good news is, you can learn lessons from other entrepreneurs’ mistakes. This way, you won’t have to go through them, and you can have a great head start as you try to grow your venture.
1. I didn’t research enough.
Back when I was launching my vegan leather gadget sleeve business, I was so excited to start right away. After all, I didn’t want analysis paralysis to cause delays. I just wanted to launch the business and feel the rush of getting my first sale.
Though there’s nothing wrong with figuring things out and re-adjusting the business along the way, doing enough research surely won’t do you harm. Too much excitement triggered me to jump the gun only to find out that I didn’t know my audience enough to make an impact.
My marketing strategies didn’t seem to resonate. I didn’t have enough social media followers, and my engagement rates were down low. Needless to say, I was too idealistic. I banked on the thought that as long as I had a good product, customers will come.
What I wish I did: I should’ve studied my audience more. What are their pain points, and what problems are they trying to find solutions for? Knowing these from the get-go would’ve helped me realign my messaging better.
2. I priced my products too low.
Speaking of jumping the gun and trying to make a sale right away, I didn’t give much thought to product pricing. I just took the initial cost and added a profit margin that seemed right to me.
To be fair, I did a little research at this stage. But here’s the biggest mistake I made: I looked at competitors’ pricing and tried to equal the lowest rates. I figured that if I priced my products higher, clients would come running to my competitors with more affordable products.
What I wish I did: Thorough competitor research is part of product pricing, there’s more to it than that. For one, you need to be scientific about your approach. In short, don’t settle for rough estimates like I did.
Though there’s no specific formula that works for all industries, one thing’s for sure: your pricing should meet your business goals. Don’t think that price alone will determine whether you’ll sell or not. If you try to price your products lower than the competitor, you’ll only be in a race to the bottom.
3. I tried to be someone I’m not.
From the start, I wanted my vegan leather gadget sleeve line to inspire passion-pursuers. That said, I tried to make my messaging as motivating as possible; “Be positive, be productive!” “Go get ‘em!” “Work as you’ve never worked before!”
As a sole proprietor, it was hard to separate me as an individual from the business’s brand identity. And to be honest, the excessive positivity wasn’t exactly me. Just like any other person, I had good days and bad days. And the false positivity wasn’t doing the brand nor me any good.
What I wish I did: Instead of trying to project a false image, I should’ve been true to myself. Over time, I figured that I didn’t need to stick with positivity at all times. Once I learned to let go of the fake front, followers started getting better engagement.
4. I didn’t study the financial aspect.
I don’t know about you, but I’m not exactly a fan of numbers and spreadsheets. That said, I tried to avoid accounting stuff as much as possible. As a result, I didn’t keep track of business expenses during the first months of operations.
What I wish I did: I should’ve paid more attention to learning basic accounting and bookkeeping. Starting entrepreneurs don’t have any choice but to learn basic accounting. Otherwise, you won’t know how the business is doing financially. Are you making enough money to sustain operations, or is there a specific aspect that’s making the business bleed? Numbers don’t lie. And by recording everything, you get a clear picture of your venture’s financial health.
5. I relied too much on family and friends.
During the first few months of starting the business, I introduced my products to family and friends. I posted about the products on my social media accounts. In addition to that, I shared everything I posted on the business page.
As a result, several family and friends placed orders. Some of them might have been genuinely interested in cruelty-free gadget sleeves. Others, on the other hand, might have just wanted to show their support to my latest endeavor. Needless to say, the initial influx of orders gave a false sense of security that the business is doing well.
What I wish I did: I should’ve focused more on marketing to actual customers and not just to those within my close circle. After all, your family and friends could only buy so many of your products.
6. I tried to do everything by myself.
As a sole proprietor, I thought I needed to do everything by myself. I created a WordPress site, managed social media accounts, and even did product photography all by myself! Of course, there’s nothing wrong with doing everything you can to grow your business. But if it’s eating up your time and energy, you’re not making the most out of your potential as a business owner.
What I wish I did: I should’ve outsourced some of the tasks to service providers. By leaving the legwork to qualified people, you’ll have more time and energy left for the more crucial aspects of launching and growing a business. You should be the captain of the ship; leave the watch-standing, navigating, and engine operating to employees or contractors.
I hope you picked up a lesson or two from the regrets that I shared. But don’t be afraid to make your own mistakes! As I learned from my journey, experience is still the best teacher. Others’ experiences can only teach you so much, and you need to walk your path to make your own mark.
