3 Common Mistakes When Starting a Business

A few years back, I took the plunge and started my own coffee bean business. It sounded like a solid plan—I found suppliers, enlisted my boyfriend’s help with packaging and storing, set up our social media presence, and boom—the business was off the ground.

But, it didn’t quite unfold the way I envisioned. I soon discovered that I had made three common mistakes that many entrepreneurs encounter when launching a business.

3 Common Mistakes When Starting a Business

1. Not enough research and planning

When I set my sights on starting a business, I dove in headfirst with everything I had. I sourced top-notch suppliers, made sure our logo was proudly displayed on the packaging, and threw myself into marketing to get the word out.

But looking back, I realize I got caught up in the excitement without considering the long-term questions. Would people actually buy our coffee beans? Should I target local coffee shops instead? Was my business idea unique enough, or just another drop in the vast sea of startups? Why would customers choose us over competitors? And what if we hit roadblocks, like my boyfriend’s availability or low sales?

These are the kinds of critical questions I wish I’d pondered before diving in. It’s easy to get swept up in the initial excitement, but a bit of strategic planning and foresight can make all the difference in setting up a business for success.

2. Impatient

I learned a big lesson about patience when I started my coffee bean business. Initially, I had this optimistic expectation that within a month, all our beans would be flying off the shelves. But reality hit hard about three months in when a significant portion remained unsold.

Suddenly, I found myself worrying about the beans going bad before we could sell them all. It was a wake-up call to the challenges of selling perishable goods—there’s a clock ticking with expiration dates.

Looking back, I see now that building a business takes time and careful planning, especially when dealing with products that have limited shelf lives. It’s all part of the journey of entrepreneurship.

3. Naive mindset

I look back now and realize I was a bit overconfident in my abilities, especially considering my background as a social media specialist with five years of experience (at that time). I thought I could apply the same strategies I used for my clients to boost sales for my coffee bean business.

However, the reality was quite different. I found myself pouring more money into ads, hoping for a big return, but the earnings didn’t match up. Unlike my clients who had hefty budgets, I was operating on a much tighter financial leash. As the losses mounted, panic set in, and I had to make the tough decision to pull the plug.

It was a humbling experience—I couldn’t afford to gamble everything on a coffee bean venture that I hadn’t thoroughly planned out. I learned firsthand that business success takes more than just skill; it requires careful financial management and a solid strategy tailored to your specific circumstances.

From my own experience, I’ve come to realize that starting a successful business requires applying everything I learned from working with clients over the years. It’s about conducting thorough market research, trusting the process even when results take time, and having substantial financial resources at your disposal.

Businesses don’t typically thrive overnight; some take months or even years to gain traction. I’ve learned the hard way that I need to be prepared for any challenge that comes my way and have a financial cushion to fall back on.

More importantly, I discovered that my expertise in marketing, while valuable, was just one piece of the larger business puzzle. There’s so much more to learn about how businesses operate—from finances to operations to customer service—before I can truly succeed as an entrepreneur.

Looking ahead, I’m committed to expanding my knowledge and skills in the business realm so that when the time is right, I’ll be equipped to start and sustain a business successfully. It’s a journey of growth and learning, and I’m eager to embrace it fully.