6 Mistakes to Avoid When Building Your Business
For every successful business, there are just as many unsuccessful ones that started at the same time, in the same industry and with about the same capital as the successful ones. Why then did some succeed even when the playing field was leveled? The answer lies in the wrong decisions made by those unsuccessful business owners at the starting point of their ventures. Take note of these six mistakes and avoid them if you want to rank among the very few who turn out to be accomplished entrepreneurs.
- Starting without goals
If you go into business without clearly defining long and short-term goals, you will be working without direction and in no time, your business will crumble like a stack of cards, leaving you to wonder what actually went wrong. So, make sure you have your mission and vision stated before starting and stick to it.
- Refusal to spend money on marketing
You are a new business; therefore the world has to know you, so marketing must be treated as a priority because you need to create awareness, generate leads and get customers. Refusal to invest in marketing is a terrible mistake that you don’t want to make, so when making financial plans, set aside funds for marketing.
- Choosing the wrong business partner
While having a good business partner can be the best thing that ever happened to you, a wrong one gives the direct opposite impact on you and your business. To avoid having issues with your business partner, make sure you get a good lawyer to craft your agreement between you and your business partner. This way, even if issues come up, you will be protected.
- Accumulating debt
Even when there is money, some business owners feel they must start up BIG and take out loans to launch the business in an unnecessarily huge way. Doing this will just eat into your profits and can eventually end the business. Many micro-business owners avoid borrowing money at all costs, but if you must do so, make sure you have a comfortable system of paying back.
- Expecting too much
Yes, you have done your homework and strictly followed the rules of business, this is good, but don’t start expecting millions to hit your account right away. If you have unrealistic expectations, the reality of business will hit you unexpectedly and throw you off balance. So, prepare for the bumpy ride. Don’t get discouraged if business does not pick up right away.
- Not doing the business you love
As cliché as this sounds, this should be taken seriously. Starting and running a business will test you and push you to your limits. Many have failed because they chose a line of business for money alone, so when things become hard, they start thinking of other things they could’ve done to make money and they quit. But if you love what you do, chances are it’ll motivate you more to stick around longer to make it work.
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