One of the most thrilling and terrifying experiences of the life of an entrepreneur is taking the plunge into the deep end. Being an expert in a field is one thing; being a business owner is an entirely different ball game.

 

Before you take the first steps to running your own business, you can learn a lot from people who have already been there. Read on for some valuable things to avoid when launching your very own business venture.

 

1. Procrastinating – Whether it is waiting until the last minute to get a tax form filed or putting off work for a client, procrastinating will only frustrate and exhaust new business owners. There are so many things entrepreneurs juggle in the first place. Adding the stress of an impending deadline only proves to further consume your energy.

 

You can avoid this by setting specific, time-oriented deadlines for yourself. Every time you check something off of your list, you will feel more accomplished and secure in your decision of starting up your business in the first place.

 

It can be easy to stress yourself out as an entrepreneur.

It can be easy to stress yourself out as an entrepreneur.

2. Over-scheduling – It is important to know your limits, as a professional and as a human being. While it may seem like the key to success in business is to have as much work and as many clients as possible, over exerting yourself will only lead to turning out mediocre work. This will not build your reputation on excellence, and it will not bring clients back to you or encourage them to refer you to other potential clients.

 

Instead of accepting every offer that comes your way, take a moment to evaluate your current workload and decide if you have the time and energy to commit to a new project. You may be able to work something out with the new client, if time permits, and they will have more respect for you and your business for making an intelligent decision.

 

3. Under-selling – While you may be tempted to cash in quickly when you open your new business by selling your product or services at a lower rate, this is flawed logic for several reasons. By undervaluing yourself and your work, you are giving potential clients the impression that your work will reflect the pay for which you are asking. You are also going to have a difficult time raising prices later on the clients you do pick up on your way to success.

 

In the same way that you don’t want to over-schedule yourself in the beginning, you don’t want to pick up clients expecting your rates to be lower than your worth, either. It is better to have a few clients who highly value you and your efforts than to have a lot of small clients who see your work as expendable.

 

What lessons have you learned on the road to entrepreneurship? Share with us here, or find me on Twitter @TiffaniJPurdy