There are lots of poor mistakes that you can make when starting a business. Here are some of the biggest slip-ups to avoid to ensure that your business gets off to the best start.

Doing no market research

Market research allows you to find out what your customer really wants so that you can give this to them. It could include researching into competitors to find out what they’re doing. Alternatively, it could include conducting surveys and focus groups with potential customers. Don’t assume that you know exactly what your customers want – you may be surprised.

Ignoring the laws and legal requirements

Businesses are expected to follow various laws and legal requirements. Some are universal while others are more specific such as anti-money laundering legislation or food and drinks licenses. A legal advisor will be able to guide you through exactly what measures you need to take to comply with the law.

Skimping on security

Startups are often targeted by cybercriminals. Make sure that you’re investing in enough digital security to protect your business. This could include installing high quality digital security software, setting up cloud storage or using a VPN.

Not doing enough marketing

As a new business, you need to market like crazy to get noticed – otherwise you won’t be able to attract any customers. A few marketing essentials as a new business include setting up a website, designing a logo and setting up social media pages. Try other marketing methods such as posting out flyers or investing in SEO.

Using old tech to save costs

Certain old ways of doing things may initially save costs, but could cost a lot more in upgrades and wasted time in the future. For example, why do your accounting by paper and pen when you can use accounting software that can do all the calculations immediately? You can hire fractional cto services to manage tech projects and adopt new technologies on a part-time basis, making new tech solutions more affordable for your startup.

Not budgeting

If you’re not setting a budget, you could find yourself getting into financial trouble early on. Budgeting can prevent you from taking out unnecessary loans. Also, lawyers specializing in non for profit law can also provide valuable insights, particularly if your organization is navigating financial regulations or seeking tax-exempt status. Use a financial advisor to help you establish a budget, and consider consulting legal experts when drafting financial policies or handling donor agreements to ensure compliance and sustainability

Hiring employees/moving into an office too early

A lot of people are too eager to build up their business without being able to afford it. Most businesses don’t need employees or an office in the beginning – you can simply work from home by yourself.