5 Deadly Solopreneur Mistakes That Could Turn Your Business Into Dust

For those of you that have no clue what a "Solopreneur" is, it is just a fancy word for an entrepreneur that works on his or her own. So if you are starting or running a business on your own, then you are considered a Solopreneur. And there are a few mistakes that you may be making that will destroy your business with the quickness!

Mistake #1 - Not Doing the Proper Research Beforehand

Before starting a business, whether it is physical, home-based, or Internet based, you have to do your homework. So many people are so tickled by the idea of being their own boss and doing things their own way, that they fail to do the proper research to make sure that their business ideas are worthy of being turned into an actual business. And this is one of the major reasons why many new start up businesses don't make it through their first year of operation before they crash and burn.

Make sure that your business ideas have a surviving chance before you waste time, money, effort, and give up. 

Mistake #2 - Not Isolating a Target Market

Rushing into a business without identifying and researching your target market first is like diving into a pool with no water. That sounds like it would hurt doesn't it? Now imagine if your business is the diver, the world is the pool, and your target market is the water. Without your target market your business will hit the bottom of the pool, but with your target market your business is able to float and survive.

Isolating a target market is a necessity in any business because it is the lifeline of the business. A huge part of creating a successful business is making sure that there is a need (or market) for what you have to offer.

Mistake #3 - Not Making Sure That the Business is Affordable

I can't tell you how many times I have watched great start up businesses crumble to the ground because the owner couldn't afford to keep the business running. Before you put a dime into any type of business idea you need to be clear on overhead costs and how much it will cost to keep the business afloat, especially during bad times. Personally, I find it better to create a cushion before starting a business so that you will have that financial backing to keep things going until you start seeing real profits.

Create a financial back up plan just to be on the safe side, and never use your last dollar starting a business because that is the express elevator to BROKE!


Mistake #4 - Refusing Help When It's Really Needed

Never deprive yourself of necessary assistance when you need it. It's better to get the help that you need and improve your business, rather than neglect the help that you need and cause your business to suffer. The best source of help out there is other experts in your field or market. Connect with them and pick their brain because they have a wealth of information that you can use. And if that doesn't work then consider a business coach that can show you the ropes. It can make a world of difference.

Network as much as possible with people that are experience in your field or market because you can never learn too much about your business and how to improve it.

Mistake #5 - Giving Up at the First Sign of Failure

It has always been my personal philosophy that failure builds character in a person, and I believe it does the same in a business. If you find yourself tucking your tail and hiding in the corner at the first sign of failure then it's time that you stop looking at failure in a negative light. I'm sure that Madame C.J. Walker failed a few times before perfecting the hot comb, but could you imagine if she gave up in the process?

Fear of failure can cripple you if you let it, but it can also be the perfect stepping stone to success. So what is it going to be for you?

So in a nutshell, don't sabotage your business before you have a chance to really get started. And now that you know 5 common mistakes made by Solopreneurs you have no excuse for falling victim to these mistakes!