I know you have heard of the saying “time is money”, right? Well then you must assume that being a startup business owner, you must make proper use of your time. Many entrepreneurs get caught up spending way too much time learning and not doing, thinking and not doing, applying for bank loans that will be rejected and focusing too much time on all the fun things about running a business.
Learning Not Doing
As an entrepreneur, you most likely enjoy learning new things and gaining more knowledge. Whether you love taking classes, reading books or listening to podcasts, finding ways to keep learning can be a good thing. However, it can also be a waste of time. Sure, knowledge is power, but when do you put the book down and put that knowledge into action? The answer is now! If you spend so much time learning how to do things, you may end up spending years getting your startup up and running. For example, you want to learn how to build a website. So, you take a 4-month class on how to build a website. You could have just spent that time actually building your website or hiring someone to build it for you. There are times when outsourcing makes more sense and outsourcing web design professionals to build your website and logo will probably save you a lot of wasted time. Now that you have your own startup, you don’t need to do everything by yourself, hire the professionals!
Thinking Not Doing
Are you a dreamer or a doer? Many entrepreneurs like yourself come up with a great idea and they spend years just thinking about all their great business ideas. Well, I will tell you that dreams do not come true without action. Make your dreams happen! Get up off your couch and make it happen! I mean, what are you waiting for? If your business idea is worth the time and effort, then you must make a move before someone comes up and jumps on it first. Have you ever “invented” something in your head, then all of a sudden it became someone else’s “million-dollar idea”. You snooze, you lose!
Applying for Bank Loans
Have you been applying for bank loan after bank loan, only to be denied time after time? When do you give up on traditional bank loans and start thinking about your other options? Now! Let’s face it, most startup businesses need funding. The great news is that there are so many startup funding options. Evaluate the startup funding resources out there for entrepreneurs just like you. Going to a traditional bank for startup funding will almost always end in a denied application. Traditional bank loans just do not give loans to startups. Startups do not have the business experience, or the business credit rating needed to get approved. Typically, startups don’t get approved for bank loans due to lack of experience, lack of a customer base, low personal credit score, and lack of a strong and experienced management team. Instead, look at startup business funding through a nontraditional business loan agency. This is a great option for those that are new to the playing field, looking to get funding for their startup.
Focusing Too Much on Brand Logo and Web Design
I know you want to create the best logo for your brand, but is there something else that may be of more importance? You could potentially spend months trying to create the perfect web page, only then to realize it shouldn’t have been a top priority (yet). It is just like when you had all those homework assignments in college, and you do all of the “not so bad” assignments first. I know designing a web page and creating a logo sounds like more fun than punching numbers in the office, but those things need to be done too. Sure, you can spend every day for a month creating your website and logo, but you still haven’t found a place to rent, haven’t finished your business plan or looked into your funding options. Don’t waste time getting caught up in just the “fun” things. You could be focused on other things like developing new and better products, mastering your customer service capabilities and finding ways to increase sales.
Spending Too Much Time on Your Business Plan
Are you having trouble creating a business plan that will “wow” loan officers and investors? Well, you could always reach out for help! It could take several months to do the research and make realistic financial projections for your business plan, especially if you need to learn how to write a plan first. Perhaps hiring a startup consulting agency can help you create a business plan, so you can focus on product development and maybe finding your dream team.
Startup business founders often have great ideas for their business but doing them all alone may take more time than necessary. Not to say dreaming and learning is a bad thing, but if you focus too much on what could be and learning every little detail about how to run a business you may not become proficient in all of the things you do. Focus on what you know, while gaining knowledge through experience over time. Sometimes reaching out to other professionals can help you save time and even money in the long wrong.