These are the 5 things I would never do if I was launching a business

Some of them might surprise you

My favourite topic to talk about - what not to do in business. I’m delighted whenever I get asked what I wouldn’t do, as I’ve made mistakes, which means I can potentially support others in avoiding making them too. Here’s my top 5 non-negotiables for anyone launching a business.

[Credit: Portrait by Elspeth Vincent, taken in someone else’s bathroom]

1.     Launch in multiple retailers

I wouldn’t launch in too many retailers without the budget to support each opportunity individually. When you have low brand awareness, the fact is your products are not going to sell themselves. Without the funds to focus on each key retailer, all you’ll do is cannibalise your opportunities. So be patient. Launch with one, try and make that work, and don’t rush into multiple partners until you’ve cracked it (or given up), with the first.

2.     Avoid financial planning

Without a longterm financial plan, fundraising could be one mistake that bites you in the bum a few years into your business. It might seem strange planning for three or five years in advance before you’ve even understood if there’s mileage in your idea, but if you sell your shares too low, you might not be able to raise the funds you realistically need in the future to make your business viable.

3.     Scrimp on the launch

You need to build buzz from day one. Whether you opt for a mass seeding campaign (this is what we did successfully for Faace skincare), paid media, influencer partnerships – that’s up to you. But you need to invest somewhere, or your business will fall flat. The competition is simply too fierce.

4.     Do too much marketing

Unless you are backed by some serious budget, don’t deploy all of your marketing tactics at once. Whilst it’s likely you’ll need them all eventually, and there’s no denying that unfortunately these days they all feed into one another (meaning we all need more budget for success), at the start you’ll need to experiment with each one to really understand what will and won’t work. If you’re doing them all at the same time, it will be harder for you to get a feel for their individual value. Plus, you likely won’t have the time to monitor and support them all properly, especially if you are working with external partners. The best marketing outcomes come when you as the business and anyone you work with, collaborate, as after all, nobody knows your business better than you.

5.     Neglect social media

It might seem like a pointless part of your daily stress, especially as it’s something that doesn’t generally drive revenue, however organic social media is the shop window to your business, and you might be surprised by the amount of people who have eyes on you there. Press, retailers, and consumers will all be coming to your channels to get to know you as a business, and in a split second, will decide if you are their people. So, as frustrating and costly it can be (content and time-wise too), don’t discount the importance of a strong social media strategy.