Running your own business can be a rewarding experience unless you’re prone to committing these 5 business sins!
Do you believe your own publicity? This can be a fatal flaw in a business owner. Like our willingness to promote only the very good or very bad on social media, sometimes we can believe that we are the best or the worst. Keeping a level head about what you’re doing means you can realistically assess things that will be helpful to your business and what might bring you harm.
Which brings me to number 2 and will also lead nicely into number 3. Not listening to people who know things you don’t. Other business owners are your best resource especially those who are utilising the same or similar business model. Most of the business owners I’ve met are incredibly generous with their knowledge, so it’s about time you started spending time with them.
Family? Friends? Or someone that knows something?
Relying too heavily on the advice of only family and friends. If your family and friends don’t, or haven’t operated a successful business then you need to carefully measure the advice they offer. Sometimes, especially if they’ve lent you money to get started, it’s easy to fall into the trap of following their advice even if you’re unsure.
Take that risk!
Not taking risks. Good business decisions will always be a choice between 2 risks. If not, then you’re probably not expecting much from yourself. How do you choose between risks that you’ve never experienced where both outcomes could provide pleasure or pain? Assess your pain threshold before taking the business plunge. If your pain tolerance is low then you might want to keep that mind-numbing job!
Make clever decisions!
Believe it or not, it’s more likely that you will not have all the knowledge needed to operate your own business. In fact, when you think about it, how’s your knowledge about the Fair Work Act? What about the Australian Consumer Law? What about A New Tax System (Goods and Services Tax) Act 1999? The good thing is you don’t need to know most of what’s contained in all that legislation but how will you know of you’ve got a problem?
Here’s the answer..
These are five problems we’ve seen business owners take with them to the wall. So this year we’re launching Business Master-Classes for business owners who understand that having a team around them when the going gets tough might make the difference.
Everything you need to know about running a business, making money and HEAPS more.
These facilitated groups will provide the opportunity for you to understand more about the ‘finer’ points of operating a business. Provide opportunities to problem solve with other experienced business owners. And, develop your ability to make a profit rather than more work.
Make sure you don’t miss out!! We’re kicking off next
month so click here today to reserve your place and receive our special introductory price.
Deb Shugg is a recognised and awarded businesswoman and managing director of Australian Business Experts
BRW Top 50 Female Entrepreneur
SmartCompany To 50 Business.
Franchise Council Franchise Woman of the Year
BRW Fastest Growing B2B Franchise