Common Mistakes People Make When Setting Up Their Business

Author: Zemlar Offices | | Categories: Business Workspace Solutions , Coworking Office Space , Executive Office Space , Office Space for Rent , Private Executive Office , Shared Office Space , Shared Workspace , Virtual Office Services


When starting a new business, the excitement of beginning the entrepreneurial journey often hinders individuals from making astute decisions. As a result, the road to scaling the business is built on shaky ground and success turns into a pipe dream. To prevent your dream from withering, as a new entrepreneur, it takes more than commitment and drive to set up and sustain a business.

To achieve your business goals, you must be open to adapting your ideas so that success becomes tangible. Unfortunately, many startup founders enter the business world with blinders on and a vision that they can become successful overnight. This mindset can lead to errors in judgment, which can adversely affect your business.

To improve your prospects and capitalize on the experience we have garnered over the years, Zemlar Offices has put together a list of the most common mistakes people make when setting up a business and how you can avoid making them.

1. Not chalking out a business plan. 
Far too often, rookie business owners make the mistake of not preparing a business plan. However, a concrete business plan is critical for the success of any business, especially when setting up a new business. It gives you an idea of the direction in which your business is heading and indicates areas of improvement. It is also your best chance at achieving your long-term goals. 

2. Failing to implement the SMART goal plan. 
Setting goals is the most common business strategy, and while they keep your business on track, the goals are often vague and difficult to attain. When you apply the principles of SMART goal setting, the viability of your goal gets determined based on five individual criteria - specific, measurable, attainable, relevant, and time-based. So, implement SMART goals in your business idea to help develop a realistic plan of action. 

3. Working with friends instead of business partners.
A strong bond with a close friend does not necessarily mean you will develop an excellent business relationship with them. In fact, people often underestimate the stress involved with starting a new business as well as the strain it could put on their friendship. At such a time, it is best to seek business partners that have a proven track record and expertise in the field.

4. Rushing to complete all your tasks. 
It is exciting to start a new business, but doing too much too soon can prove detrimental to your business success. Also, if you are rushing to complete all your work within a fixed timeframe, it can often lead to lower quality outcomes and an increase in mistakes. As a new business, it is imperative to divide your tasks and allow sufficient time for the completion of each task. Focus on what you need to do to grow your business, rather than trying to do everything right away. 

5. Striving for perfect when good is sufficient.
Several high-achieving entrepreneurs strive for nothing short of perfection, and while it can be rewarding, it does more harm than good to your business. Striving to run your business on a flawless standard can hamper your ability to innovate and may delay the completion of priority tasks. Instead of chasing an unattainable level of perfection, focus on doing the best you can and on moving closer to your goals. 

6. Working from home to increase profitability.
In the early stages of launching a business, many entrepreneurs work from the comfort of their home as a cost-saving measure. However, without an office setup, potential clients could perceive their company as unprofessional. Also, when working from home, it can be difficult to separate personal and professional matters. As a new business owner, you want to ensure clients view your company as a trusted and reliable business instead of a money-driven startup. 

To avoid these and other mistakes, reach out to the experts at Zemlar Offices. We are a business center that provides co-working office space in Mississauga, Oakville, Scarborough, North York, and Richmond Hill. We have been offering private executive offices, virtual office space, and meeting room spaces to small and medium-sized businesses for over eight years. Our business center facilities include high-speed Wi-Fi, whiteboard, big-screen TV with HDMI inputs, and live receptionist support.

For more information about our Private Executive OfficesVirtual Office Spaces, and Meeting Room Spaces, please visit our website. If you have any questions about our co-working office space or setting up a business, reach out to us through the chat box, and we’ll be happy to answers any questions you have, or you can send us an email from our Contact Us page by clicking here.