7 Mistakes To Avoid In Your First Year Of Business

photo: Damy

Congrats! You read our article on starting a business from your bedroom and you decided to go for it!

You know the mistakes that every first-time business owner makes, now avoid these mistakes in your first year of business and be the boss we know you are!

1. Going Solo

The more, the merrier! It’s safer to start a business with more than one person because everyone has other talents!

Besides, it’s nice to have a buddy when it’s time for big decisions and stressful times.

2. An Unfinished Business Plan 

Maybe you’ve got your finances all together, but don’t know exactly who your customer will be. Or you know exactly what location you want, but you lack money for business cards.

It’s better to put those details in writing, for future cooperations or meetings with investors!

3. Spending too much

Got a loan? Found an investor? Great! But be careful to ‘invest’ too much! Sometimes you need to pay a big bill, but you probably don’t have money for employees or fancy design lamps in your office. Did I say office? You’ll probably have to start at your own kitchen table!

4. Doing it for the money

Sure, Apple once was a start-up. Just like Google and Facebook. But if you’re doing it for the money, you probably won’t get it. It’ s no guarantee that if you work hard, you’ll get rich. You have to have luck. But be careful of…

5. Doing it half-heartedly

Sure, it’s awesome to start a brand new business, but you have to make sacrifices. Maybe your time, your living standards, your sanity or quality time with your lover. Just remember why you did it, take a breath and go for it!

6. Not having a backup plan

It’s not pessimistic to have a backup plan, it’s smart. What are you going to do when success won’t come, and your bank account is running dry? Think about that stuff!

7. Forgetting to enjoy it

Ok, it might be a little scary. But you rock for chasing your dreams and following your vision. Don’t forget to enjoy this special time in your life, when you’re creating something from the very start! It’s awesome!

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  • Amy Sewell

    Great advice – especially getting your finances in order and having a solid business plan. Here are a few other money tips I followed when I started my company:

  • Linda Goreta Vinegar

    So happy I found this site!! Thanks for the helpful tips :) Avoiding “Going Solo” really hits home for me. I recently started a blog with a friend. Being able to combine our strengths not only keeps it fun, but also lends support when self-doubt creeps in.

  • Camille Beygui

    Great post

  • Elise

    I totally agree with the point about doing it half heartedly. If you’re going to start a business, you’ve got to be passionate about it, because then you’ll do anything to see all of the details through – even the mundane ones! X


  • Prerna Bhatt

    Very valuable points! :)


  • Arianna

    I love this so much! Thank you so so so much for sharinmg this: starting a business is a mountain in front of you, but we can all make it! Thanks you again for these amazing tips!



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