djbaxter

Administrator
7 Startup Mistakes That Will Doom Your Small Business
by Mike Kappel, AllBusiness.com
May 10, 2017

As an entrepreneur, I can tell you from experience that it’s not easy to actually start a business. A lot of businesses fail. Only about half of small businesses will last five years. You need more than an interesting idea to create a successful business. Many owners aren’t prepared and make a bunch of mistakes along the way.

Here are the seven business mistakes you need to watch out for.

1. Not researching your idea
2. Being unrealistic
3. Underestimating expenses

4. Not asking for help

5. Taking too long to launch
6. Ignoring marketing
7. Neglecting yourself


Read more...
 

Julia Sta Romana

Top Contributor
I've seen so many business trip over #3. It's important to list down every expense. List down EVERYTHING. Make sure you have enough money to cover your business costs and have a little extra. And when forecasting your income, hope for the best but always expect the worst. You're NOT going to have a great sales day everyday.
 
Thank you DJBaxter for your experience and awesome tips. They are really useful and it is always better to learn on somebody's mistakes than to do your own.
 
Great list. I would add not researching your local market. I have worked with many startups that have all struggled by entering over-saturated markets, especially locally. Knowing if your business idea is feasible given the surrounding climate is vital. Also working a niche is so often undervalued.
 

SnegyK

Member
I relate to these mistakes and I wonder - when do you decide to "hire" a resource to help you with the financial expectations? Before you start your business money are tight, so neglecting yourself and not asking for help are very related to that state. Would you suggest good timing and how do you present your idea to an accountant without giving in your entire business plan? Thanks in advance!
 

Brittney

Member
Definitely resonate with #5. First to market and 90% done is far better than never to market and 100% perfect.
Soooooo agree with this.... With my very first venture YEARS ago, this was def my main issue. Naturally, I'm a perfectionist.... This time around, I've learned that I can't operate in the same manner.
 
Top Bottom