Being an entrepreneur is not for the faint hearted, and any one going into business needs to have nerves of steel. The problem is, getting a business going isn’t always easy, and so we often make mistakes that can cost a lot a long the way in an effort to get off the ground.
These mistakes have actually become bad habits that so many new entrepreneurs make, so we’ve given you the run down so you can avoid falling in to the same traps.
Giving Away Too Much For Free
Yes, when you are starting out you may want to offer a discount or give away part of your product or services for free to get attention, garner customer trust and increase your audience. But be careful of giving away too much for free.
You don’t want to set precedent you cannot stick to, and you certainly don’t want to end up losing money hand over fist.
Being too cheap
If your product or service is too cheap it may raise red flags and actually do the opposite to what you intended. You don’t want to create the assumption that you are offering a cheap product, and thus one that is sub-standard.
Rather charge a market-related rate that’s at the lower end of the spectrum, than come in too cheap.
Not setting a realistic standard
If you are delivering within a very short time or performing a service that is only possible because you are still getting started and not that busy, beware!
If you set a standard that cannot be met in the future when you are operating at your full potential customers will get upset, as they have become used to you delivering in a certain way that may not benefit the growth of your business long term.
Being too friendly
This counts for both attitude and finances, if you want to take a chance, rather play online Roulette Australia instead. Do not become too friendly with customers or clients as they may see this as a way to get reduced rates in the future Keep a professional boundary in place at all times and always ensure that any dealings are not overly personal.
If you are doing work for friends, you can charge them mates rates, but don’t let this become too much of a habit, and do not let the abuse their position.
Not taking deposits
Just because you are new to the business world does not mean you need to act that way. If you are selling product or services do not be afraid to ask for a deposit up front, especially if you are going to be shelling out money for stock or part needed to complete a job on behalf of a client.
Not only will asking for a deposit protect you, it also protects the customer to some degree, as they know you are serious about getting the job done. If someone is reluctant to make a deposit you may find this is a clear indication that they don’t intend to ay anyway, so you can always walk away.