Top 7 things NOT to do when starting a business in 2020

These 7 mistakes cost me more than $20,000!
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If you’re just starting your business or maybe you’ve already started and want to learn from a person who’s been doing her own business for 9 years, then I’m here to share with you things that I shouldn’t have done as an entrepreneur. This information can potentially save you hundreds of thousands of dollars.

(1) MISTAKE #1: Not registering a trademark. This mistake cost me $20,000. I remember this day as if it was yesterday. I was in Saint Petersburg thinking about a name that we should give to our company. That’s when LinguaTrip came into my mind. I was happy to find out the linguatrip.com domain was available, I bought it for $15 and registered a company. In six months, we realized that there is a company with the linguatrip.ru domain name in Russian which was one of our main markets. That company started doing everything against us. We didn’t register any trademark. That was our mistake. In the end, we agreed on buying their trademark for $20,000.

(2) MISTAKE #2: Not paying attention to numbers. When I just started a business, I was a huge believer in strategy. I didn’t really pay attention to numbers at the beginning because I thought they mean nothing. The problem was when the business started growing, I was still not really attentive to details. I would launch different campaigns on Facebook and YouTube and I still wouldn’t know which campaign generated what. When we got to hundreds of thousands in revenue, we started putting a system in place and it was really hard.

(3) MISTAKE #3: Not organizing things. When you start a business, you really need to organize everything because, again, you would end up having tens and hundreds of people in your company without having specific departments and instructions for them.

(4) MISTAKE #4: Doing everything on your own. You need to start delegating as early as possible. Your superpower is in creating new products, content, you should concentrate on this process. Delegate things that you don’t like. The first person that you should hire is a personal assistant.

(5) MISTAKE #5: Overcomplicating things. Instead of creating a landing page and start selling, people hire developers and waste precious time. In a year, everything changes and people might not need your product at all. Start with some really basic things.

(6) MISTAKE #6: Looking for investors before launching a product. Investor money is expensive money. They would want reports from you every month, they would keep asking you when you’re going to launch a product and this is your responsibility to provide results to them.

(7) MISTAKE #7: Thinking that you need a co-founder. A lot of people start a company thinking that they need a co-founder because even from the psychological standpoint it’s safer to have a person with you. However, people just rush to have a co-founder without testing candidates. You need to be 100% sure this person won’t betray you.

Partnered with monday.com

Time codes:
0:39 How I lost $20,000
3:11 Why numbers MATTER
4:10 Why you need to make instructions RIGHT NOW
5:44 About monday.com
7:14 You can’t do everything on your own
8:00 Don’t overcomplicate, just do
8:42 Don’t look for investors before launching a product
10:33 Do you really need a co-founder?

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