4 Mistakes I Made as a New Business Owner
I have a lot of memories from my early days as an entrepreneur, but today I want to share with all of you 4 mistakes that I made as a new business owner because I don't want any of you to repeat those mistakes.
Here are the 4 mistakes which I made as a new business owner:
1. I thought I could do everything
It has to be one of the most common mistakes that all business persons make at least once in their lives. I started my first business thinking that I didn't need anyone else in my team. Now when I look back, I realize how wrong I was.
2. I didn't have written agreements
You can get into many legal troubles if you don't have written agreements with your clients. Always try to have written proof of whatever you agree on with your clients and customers.
Business is a team effort, and you must start outsourcing as much work as you can so that you can focus more on the strategic part of your business.
3. I didn't have a business plan
I had the mindset of going with the flow when I started my business. I was not planning things in advance, which eventually led to a lot of overwhelming for me. You should have a long-term and a short-term plan from Day 1 of your business.
4. I was underpricing my service
I underpriced my service a lot in my business's initial days, which led to me working more for less. You should respect your business, and it's better not to have any client than a client who is paying you very little and who is exploiting you.
I can't stop my happiness after seeing all the positive responses which all of you are showering to my posts. I am honored to have you as part of my community.
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