The path to becoming an entrepreneur is far from being a smooth one. Mistakes in any field are inevitable of course but there are some that can be avoided and will offer you smooth sailing on the journey to becoming a business owner. Charlie McCoy, founder of two brick and mortar enterprises in New York City, has a few tips on how to avoid beginner mistakes when starting a business.
● “One of the things you want to avoid is a lack of preparation and research.” By this he means knowing exactly who your target audience is so that you can curate appropriate content and services for them. Starting a business just to start it without any clear direction won’t attract loyal or steady clientele. It’s imperative that you know who you’re doing this for.
● “Avoid not having enough capital to complete your projects and avoid not forecasting properly.” Proper planning is essential and that means understanding your market. Especially if your business has high expenses you need to make sure you’ll have enough to keep it in business. It also helps to understand the full capabilities of the people you will employ. Make sure you know their strengths and weaknesses. Additionally, understanding that you don’t know everything will help you to avoid future mistakes. Reaching out to potential mentors or using books and YouTube videos as a form of mentorship allows you to learn the things you didn’t realize you needed to know. Most importantly, McCoy advises to just have a clear, realistic business plan in place and refer to it throughout the process so you don’t lose sight of the end goal.