Top 5 Most EXPENSIVE Mistakes Entrepreneurs Make
After building THREE 6-7 figure businesses, I’ve learned that there are two paths to scale a company.
💥 Through expensive trial and error, figuring everything out on your own, making mistake after mistake. (The longer, lonelier, harder, and more expensive path.)
🔥 With an exact blueprint to organize your operations, grow your revenue, and bootstrap everything from sales to public relations. (Leverage the experience of other’s to accelerate your growth.)
Unfortunately, I’ve seen too many women choosing option one and going at it alone. Even I’ve been guilty of it!
Recently, I heard that the person you’re most qualified to help is the person you once were.
If I had a blue print from someone I trusted in the beginning, scaling would have been so much faster! I would have avoided so many expensive mistakes and ended up at my destination of profitability and growth a heck of a lot sooner. I wouldn’t have had to experience so much hustle, and then in result, so much burn-out.
So this January, I’m hosting a three-month business accelerator and academy! Make sure to join the waitlist here for access to our early bird offer coming soon. 😉 I am officially here to show you the way as your business architect and guardian angel.
Until then, here our my TOP 5 MOST EXPENSIVE mistakes I see entrepreneurs make.
Mistake number 1:
Becoming emotionally attached to your business/brand/product.
I was so emotionally attached to my very first start up (15 years ago)—a Greek Iced Tea beverage company. It was my Grandmother’s recipe and very close to my heart. For many valid reasons it began failing before my eyes, but emotionally I was so attached to it that I hung on for probably two years too long. In those 2 years, I could have started and grown another profitable company!
Mistake number 2:
Truly understanding and UPDATING your customer journey.
Since we are so close to our business, fully involved in the day-to-day, we really need to bring in a fresh set of eyes every quarter, or at least once a year, to go through our entire customer journey.
There could be links that are broken or too many steps to check-out. Messaging could be clearer and stronger. There could be automated email that’s out of date. You are literally leaving money on the table when you don’t stay on top of your customer journey and experience. With fresh eyes, you can have new perspective on something you’ve overlooked after seeing it 100 times.
Mistake number 3:
Hire slow, fire fast.
One of the most expensive mistakes a startup or growing company can make is hiring the wrong person, and then keeping them way too long. My rule of thumb is to find contractors to take on specific projects, and if they’re successful and fit the team I like to expand out working relationship to more consistent work or more responsibility.
When I need to bring on an employee, I always aim to offer a 3-6 month temp to hire position to test the waters.
Mistake number 3:
Placing people in the wrong seats.
Have you ever noticed some work feels great to do and some is just draining? When building a team, it’s important to watch how your talent communicates and turns around tasks. If someone is a great fit for your brand, but it just isn’t working—leverage their talent in the zone they thrive in most.
For example, if you hire a social media coordinator and their copy and graphics are great, but the posts never stay on schedule, perhaps you can set them up with more content and bring in an implementer for VA tasks.
Mistake number 4:
Overcomplicating/assuming what your customers want.
Sometimes we get ideas for products, services, and courses and get wrapped up in excitement and execution before asking: is there a need for this? On top of actual product development, making sure our customers want or need our creation/service, we also have to look at our positioning for sales.
If you know your product will serve your clients, but aren’t communicating effectively, try selling them what they want and providing what they need. It’s all about communication and product-customer fit.
Mistake number 5:
Ignoring organization and processes.
Though I have this as number five, organization should really be at the top of your list. Structuring your business using processes makes it easy to stay ahead of your project list, can give you a visual so you aren’t scheduling too much at once, and most importantly—will help you to bring on team members to hit the ground running.
You can choose Google Drive, Notion, Asana, Monday, or ClickUp, as project management tools—some are even free! Try to treat your business like a corporation from the beginning to save time and energy.
Mistake number 6:
Bonus tip…(never do the same thing twice! And teach your team the same.)
As business owners, we have details flying at us from 100 places, and tasks and projects in all different scopes of work. If you open your email-finish your emails. If you teach a team member how to perform a task-record it! Don’t spend time working on the same thing multiple times.
I’m diving into all of this and more in great length in the upcoming Six Figure Startup Success Academy!
Make sure you join the waitlist ——> HERE <——- to get the best early bird pricing when enrollment opens next month.
This is going to be a 6-figure game changer for everyone in the academy, and I can’t wait to get started!
Cheers to your success,
Founder of Moroccan Magic
and Boston Business Women
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