5 Mistakes Couple-Entrepreneurs Make When Starting A Business
If there is one thing that fulfills me the most, is that I get to help successful entrepreneurs reach new heights in their business. On most days, you will find me working with clients on their strategy, research, and analysis of their market, as well as, creating a clear and compelling business plan to articulate their opportunity.
Before we dive into this, I want to ask you a very important question: Have you completed all the parts of your business plan?
If your response is a no, or if you are not sure what a business plan includes, then you are in luck because we have a highly-actionable template ready for you to download at the end of this article! For this, we suggest sitting down with your business partner and taking your time to delegate which sections you would complete. A business plan can be overwhelming and tedious but it is a vital part of your entrepreneurial journey. My goal here is, to provide you with the best resources so we can elevate your understanding and run your business together.
Now, are you ready to hear the hard truths? Here are 5 common mistakes that entrepreneurs make when starting their business:
1. Not knowing what makes your business special
In other words, what is your business's Unique Selling Point (USP)? One of the first few things to identify when starting a business, or even if you are already running the business in full-force, is what sets you apart from the thousands of other brands there that serve your niche.
What makes your business special?
Actionable tip: The best way to tackle this is to find your 'why'. I’ll give you an example of how I used my WHY to form my USP:
I am Sheles, a Couples in Business Coach. My main goal is to help couples strategically plan their business and personal life together, resulting in a winning business and a harmonious relationship!
- My why: Working with my husband in our business together, I know from experience that power couples require the same, if not more, support and guidance.
- My USP: Expert business and teamwork strategies from someone who works with their partner on a day-to-day basis.
Make sure your offer is true to yourself and provides something different in the market.
2. Not building the right systems or business model
If you haven’t already, we will now look at the internal business systems that you need to implement. Your business model will be unique to you as it takes into account several factors such as your niche, range (local or global), budget, capacity, and so much more. Having a clear business plan next to you will make it easier for you to decide on your perfect business model.
What platforms will you focus on when sharing your message? If you are a B2B company, you may choose LinkedIn, or if you are more personable, visual, and ready to try new trends, such as short-form videos, then Instagram or Tiktok may be for you. Aside from the marketing channels, it is also important to discuss the type of funnels you are building, the type of outreach you are doing, and how much time you spend accomplishing these tasks.
Actionable tip: Weigh all the factors and balance two things:
- Gaining credibility for your brand.
- Converting your audience to customers.
Sometimes, businesses focus more on the latter but forget the foundations they have to build when making a business. Work with your partner to create a step-by-step system to work out what is best and realistic for the business.
3. Focusing on multiple goals at any one time
Imagine going to your favorite buffet restaurant and piling up all this delicious food on your plate. Too often, this puts you in a situation where you don’t know what food to eat first. You end up taking one bite of each instead of really savoring one dish. Now I’m not here to tell you how to eat your food, but rather how to best tackle your business goals. The lesson here is to not overcrowd your plate and focus on one goal at a time. As much as we’d like to think of ourselves as superheroes with unlimited energy and resources, we simply cannot function at maximum efficiency all the time.
Actionable tip: Work out the relative importance of everything that you want to accomplish over the next six to twelve months, then break it down into a SMART goal so you have a clearer vision. If you limit the number of goals you're working on, you'll have the time and energy you need to do things really well!
4. You don’t know how to delegate your tasks
We’ve all heard of burnout before. According to a Harvard Business Review, one major cause of entrepreneurial burnout is that they tend to be extremely passionate about work and more socially isolated. Passionate entrepreneurs feel the need to micromanage every aspect of their business, leaving them to feel emotionally drained. Do you know who else was apprehensive at first about trusting his employees? Bill Gates.
When his company first launched, he spent so many hours rewriting codes and he reviewed everyone else’s as well. Over time, he realized that this was not the best way to spend his time and resources on and he began trusting others to fill certain roles, such as writing codes, marketing his products, etc.
Actionable tip: Loosen up and let someone qualified to do other tasks that complement the business. As a key decision-maker, you still hold the reign to your business. The best way to delegate is to communicate and keep each other accountable for their tasks. As a result, you will have more time freed up and can use this as an opportunity to grow and develop the business.
5. You are not appreciating your failures
What most people like to tell you as an entrepreneur, is that the world is your oyster, you are the key decision-maker to your business and it is exciting, for the most part. What we don't often hear is how entrepreneurs should deal with failure to achieve their goals for their business. As a couple in business, I am lucky enough to have a supportive partner with me where we celebrate the wins and also help each other up on the not-so-good days.
Actionable tip: Firstly, appreciate that you tried in the first place. Most entrepreneurs feel the pressure to achieve success straightaway, but that 'success' is made up of a comprehensive formula ran over the years of consistent trial and error. After you have given yourself that well-deserved pat on the back, it is time to analyze what you could have done better. What are the key factors that contributed to this result?
Lastly, surround yourself with people that will take that action to move forward. I highly suggest involving a third person, such as a coach or a mentor, to supervise and keep you accountable for your business goals.
As promised, here is my FREE DOWNLOADABLE BUSINESS PLAN WORKSHEET. Filling in this worksheet will be an investment for you as it will help you create a clear overview of your business.
About the author, Sheles Wallace
Sheles is an award-winning business coach who gets results for her clients.
For over 15 years, she has helped business owners achieve their goals and
take their businesses to the next level. If you're ready to take the next
step in your business evolution and go from an owner who wears all hats to
creating a commercial, profitable enterprise that runs without you, find out
more here: https://calendly.com/sheles/introduction?month=2021-06