So you’ve developed a great idea for a new product or service, you’ve begun creating a business plan, now what? Every year, new businesses across the world are started, but only so many survive. While the reasons for failure are numerous and varied, some are due too easy to avoid mistakes.
Launching Too Early or Too Slowly
Many startups fall into one of two categories: starting too early or starting too slowly. It can be easy to fall into both traps. On one hand, when you come up with a great idea you may want to bring it into existence as quickly as possible. Unfortunately, too much speed can leave you with a poorly thought out plan that quickly makes your launch less successful than it could be. Before planning a launch, take the time to stop and think everything through — have you considered the challenges you might face and how to combat them. Once you have a well developed action plan, move forward at full speed.
While launching too quickly can be a problem, so can launching too slowly. If you wait for perfection you may never move forward. Wasted time in development can lead to a lackluster launch and for you to miss out on customers. One way to work towards a launch is to soft-launch. Find a base of customers interested in your product and offer them a chance to participate in your opening experience. Not only will you get valuable feedback and a safe way to launch your product, but those who participate will be more likely to become loyal customers.
Not Embracing Flexibility
It can be easy to fall into the trap of idealism when creating a new product or service. True, you want to be loyal to your ideas and process, but you also need to adapt to create something that has true use and value. Learn to be comfortable with the idea that your first plan may not always be the best. As you work through development, interact with your potential customers, and work with specialists, you may find that your initial product needs to be reworked, and that’s OK! Evolution is a part of every business, and learning to move with change as opposed to against it will help your business grow and thrive.
Not Delegating Effectively
As the owner/founder of a startup, it can be easy to fall into the trap of needing to do everything yourself. There are many reasons why you may fall into this trap — but it is truly detrimental. Not only do you reduce the amount of time you can spend on work that drives revenue, but you’ll push yourself to burnout resulting in sloppy, lackluster work that only hurts your business. Finding the right team can make all the difference. If you’re not ready for a full-time staff, opting for a service for administrative and phone answering work can be a fantastic compromise.
Let My Admin Co Make Startup A Snap
Working with our dedicated team at My Admin Co means you will have access to highly trained and efficient staff without the same overhead as a full-time administrative employee. My Admin Co understands how challenging it is to juggle all the responsibilities that come with running a small business, and can help with yours! We offer reliable, convenient, and affordable administrative services, including a call answering service. To learn more about our services and take administrative tasks off of your plate, visit us online or call us today at (410) 324-3934.