Expensive mistake #1: hiring the wrong team.
Choosing the wrong team is the most common mistake. Chose people that share your same values and that you can trust even in the most difficult situations.
Expensive mistake #2: Bad pricing
Always calculate marketing costs, conference fee, transport shipping fees within your expenses. Normally products cost 2.5-times more than what their wholesale cost is.
Expensive mistake #3: Waiting for the perfect time
When you’ve got a killer idea, it’s natural to want to introduce it to the world in a fully formed state. Don’t wait until everything is finished and perfect. Good will do. Work out the basic version of your product, that works well, that transmits the main idea. In most cases by getting it out and testing it with several clients will most likely show you that the product needs to be modified anyway.
Expensive mistake #4: Not understanding technology
If someone tells you something cannot be done in the way you want, ALWAYS ask MANY questions why not. Make sure you understand why not and try to find solutions that suit you.
Expensive mistake #5: Saving on lawyers
Pay a few thousand dollars to have an attorney write up proper contracts and documents. Many people skip this part and then have to spend much more when they are trying to fix mistakes
Expensive mistake #6: Not spending in marketing
A rule of thumb is to invest 10%-20% percent of your gross revenue. By marketing we don’t mean ads. We mean a proper SEO and social media strategy. This will not be cheap.