Avoid These New Startup Pitfalls.

What do successful entrepreneurs advise those engaged in their first startup?

Here are some brief tips from veteran entrepreneurs.

Hire only the staff you can afford

One of the biggest mistakes new businesses make is to hire full-time staff for everything from janitor to sales to management. The drain on a startup’s budget can be crippling. In today’s gig economy almost every position can be done on a part-time or on a contract basis. Or, better yet, do it yourself until the bank account is muscular enough to survive full-time employees.

Watch the perks

Don’t fall into the trap of offering stellar benefits and perks to insure the best and brightest beat down the door to your startup. Stay reasonable with things like health benefits and sick days. If your startup is solid, then smart interviewees will have discovered that even before they walk in the door, and they’ll want to work for you because of the great future the can foresee. 

Rein in the business travel

This can be a killer expense for a startup if not nipped in the bud. Train clients to expect phone calls and online face-to-face videos, but not to expect personal visits. Be accessible to all your customers, but don’t travel to them unless it’s either to retain a big account or to make a big sale.