The Top 3 Mistakes Entrepreneurs Make When Setting Up Their New Business EP187

ProjectME with Tiffany Carter – Entrepreneurship & Millionaire Mindset

Tiffany Carter

Entrepreneurship, Business, Self-improvement, Education

4.9 • 1.9K Ratings

🗓️ 23 March 2020

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

The top three mistakes entrepreneurs make when setting up their new business:

First let me share this with you, I made many major mistakes when I started my first business, this is why in my first year I only had two sales and worked 12 hours a day 7 days a week to even get those!

Here I was a top sales professional in corporate America and I still wasn't attracting ideal clients…as we know hindsight is always 20/20, but I want you to learn from my mistakes so you can have success much faster, easier and with more joy than I did.

Setting up your business properly administratively and tax-wise from the start. I surprisingly did do this one correctly, but most new entrepreneurs don't, and it can be a timely and expensive mistake to correct. It is absolutely worth it to hire a good accountant or CPA with business tax experience. Don't use some random cheap accountant who only deals with basic 9-5 employee taxes.
Starting a business with no ideal client in mind, and without any specific problem or solution that you are helping them solve. I see most people start businesses based on what THEY want to teach people and what THEY want to share with the world, leaving out the specific niche they want to go after and the specific problem they are going to help improve. You must NICHE TO GET RICH, but you also need to do market research to make sure that niche is a profitable one (which I did not do in my first 3 years of business).
Having no customer acquisition plan. Starting a business even with a profitable niche but no plan on how to find and convert your customers, is a set up for having a VERY expensive hobby, or as I like to call it a Jobby. You will be working your bootie off for pennies on the dollar, resenting your business and wanting to quit every week, if you don't bring in sales. Without consistent paying customers, YOU DO NOT HAVE A BUSINESS.

I go much deeper into these top three mistakes on this podcast episode, so do yourself a favor and have a listen. If I heard this advice 12 years ago when I started, or even in my first three years of business, I would have made significantly more money and actually had fun doing it.

Welcome to ProjectME the Podcast with your host Tiffany Carter, who takes the mystery out of making BIG money. A former NBC and CBS TV journalist, turned multi-millionaire entrepreneur, teaching you all things wealth, health, worth, and business. You can follow Tiffany on Instagram @projectme_with_tiffany on Facebook @projectmewithtiffany and watch her TV episodes on ProjectME TV with Tiffany Carter on YouTube.

Transcript

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0:00.0	Welcome to Project Me, the Project Me, the Podcast, I'm your host Tiffany Carter, the founder of Project Me, multi-millionaire entrepreneur,
0:16.1	former TV newscaster, money-making expert, female empowerment speaker, and self-proclaimed
0:22.4	office supply addict.
0:24.2	My mission is to take the mystery out of making big money.
0:27.6	Every week on Project Me the Podcast, I'll share success tips, strategies and stories from other entrepreneurs, experts and millionaires,
0:36.3	showing you exactly how you can achieve your most exceptional life.
0:40.8	Now let's get to it. Exciting announcement for all of my listeners. I've officially opened my exclusive group, the Project Me, Passive Income Posse, to the public.
0:57.5	This group is by application only so we can keep the group high vibe and spend our time, energy, and expertise only helping those of you who truly want massive success and impact.
1:08.0	You get live weekly trainings from me, special guest coaches, and direct access to me and my business partner for all of your questions.
1:16.8	To learn more and apply, go to ProjectMe with Tiffany.com, click on work with me and select Project Me Possie.
1:24.0	And of course any questions, feel free to DM me at Project Me the Podcast, and Possie. I'm your host Tiffany and today I'm going to review with you the top three mistakes
1:45.9	entrepreneurs make when setting up a new business. Now I have seen also
1:50.9	established entrepreneurs make these mistakes when they're going to set up, you know, yet maybe their second or their third business even.
1:58.8	But these are for sure extremely common and more common in people who are new to
2:04.0	entrepreneurship when they're setting things up from scratch.
2:07.4	So I want you guys to listen regardless of where you're at and
2:11.5	your business because some of these things I did not learn until a year or so in and thank
2:20.5	God I did but I want you guys to always be ahead of the game which is why I share all of my secrets my tips my mistakes my wins with you guys so that you can reach your goals much faster and smoother and with more joy and less gray hair than what occurred with me.
2:39.0	Okay? So the first mistake, and it's a simple one, but it's one that will cost you more money
2:46.2	unraveling later and will just be a pain in the ass administratively later that I see new entrepreneurs making is that they do not establish having a business bank account and in order to have a business bank account not like a personal account, but one that is dedicated just to your business, you need to have an actual legal business.
3:09.0	Not like, wait, I'm going to have a business. My business name is Tiffany Carter Coaching. So now I have a business because I have a Facebook and an Instagram page.
3:18.0	You do not have a business according to whatever country you live in and whatever state you live in, you do not
	...

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