4. Not Hiring Staff Soon Enough
When you first launch a service-based business, you may think that you want to do all the associated business work to cut costs. That is, you want to handle all of the social media marketing, cold calls, website copy, customer inquiries… and the list goes on. I, myself, did this in the early days of my entrepreneurial journey. However, looking back, I have realized that taking on all the various tasks only slowed our overall progress in exchange for barely increasing our short-term profit margins. It would have been much more optimal to focus on hiring and growth much earlier. So don't make this same mistake!
In any case, assuming that you are lucky enough to be in the right place at the right time, you may find you need to hire staff to cover all the work you have encountered. So, right after launching, make a concerted effort to hire others who can answer general inquiries, do cold calls, and handle other time-consuming administrative duties so you can put a lot more energy into growth initiatives like following up on promising customer leads.