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The 3 Biggest Mistakes Entrepreneurs and Small Business Owners Make

As entrepreneurs, we like being our own bosses and escape the 9-5. But many times during this journey we have our low points, where money might be an issue again. Sometimes, we might want to get a job because things would just seem easier if it were that way.

As an agency owner, I pride myself as an entrepreneur.

Here are three lessons which I wish I could have shared with my younger self when we started the agency. This list is usually a lot longer but these are 3 mistakes from my experience.

Mistake 1:

Spend Money on Marketing:

The paradox of this. As someone who runs a digital agency, we used to ignore this and try to get our clients through organic practices, which is not bad. But it is definitely slower if you are looking to scale quickly. The best thing to do is to try to build out both your organic traffic source and your paid traffic source at the same time.

After months of struggle and major pain points we decided its time for us to practice what we preach, we started spending on Marketing. Today, we get on 150-175 marketing calls a month and we hand-pick only 2-4 clients who we want to partner with because once they become a client, they are now part of our family and we choose our family members carefully.

Marketing is not an expense it is an investment and this way we are scaling always and making more money which we can put back into the business.

Mistake 2:

Re-Invest Most of your Money Back into your Business

This is the secret that makes the business’ and companies grow at a rapid speed. Trust me. I speak from personal experience. It took us some time to finally understand this.

As an entrepreneur, we are proud of what we make when we start scaling, we want to spend our money when we see it. This is the fruits of our labour. At least, that’s what I did. Don’t do that.

Take as little money out during the growth stages of your business. Reinvest it back into the business this will give your business more fuel and power to scale quickly.

Mistake 3:

Don’t DIY everything on your own. Start that way maybe but work towards doing only things that you love and outsource the rest.

In today’s awesome day and age, we have people we can hire virtually called virtual assistants who can help with so much of your business work. You don’t even have to hire a physical person anymore. You choose the hours you choose the budget you want to allocate.

If you are anything like me, you have a fear of delegation because you feel you can do the task better than anyone else. That is one big fat lie I used to tell myself but the experience did teach me that if I spend time hiring the right person and providing them with the right training they excelled my performance and I could slowly phase myself out of so many different tasks.

The easiest way to start this is to write down all the tasks you do in a day and how much time it takes for each task. Then sit with the list and scrutinize each task, your goal at this stage is to start seeing the tasks which are easy and can be outsourced. Repeat this task until you are working only the things you like the most in your business.

(If you would like a video or blog post on how to hire virtual assistants or my system of delegation please do let me know I will share them with you)