According to the data given by the U.S. Bureau of Labor Statistics, 20% of new businesses fail during the first two years of work, and 50% of all businesses don’t survive past the fifth year. So how do you successfully launch your business? What are mistakes to avoid when starting a business? It is hard to find the reasons because there are several mistakes small business owners make. So, some related to business strategy, financial plan, legal issues, and other factors. Therefore, in this article, we provide some mistakes to avoid when starting a business:
- Afraid to fail
- No business plan
- Not organized
- Wrong understanding of the market
- Do not have enough knowledge about the target audience
- Wrong legal structure and business registration
- The business owner does everything (all Jobs)
- Partnership with the wrong investors
- No contracts
- Hire several people too soon
- No understanding of capital requirements
- Waste money
- Give business owners the wrong salary
- sell product and service super cheap
- Launch business or big campaign too quickly
- Expand too quickly
- No bookkeeping
- No marketing plan
- Hire the wrong people
- Don’t overpromise or underdeliver
- Design website and marketing collateral by own
- Low-quality advertising (photo and video)
20% of new businesses fail during the first two years of work, and 50% of all businesses don’t survive past the fifth year.
All successful startups is built by a group. So, you can not be a website designer, business strategist, and wearing different hats. Keep in your mind, No mistake business never start…!
Research More and More ...
Research every aspect of your business but don't be afraid of failure. Change your business model as needed and even change your products or services. look for new ideas and test them with your customers or possible customers.
Most of the time you can hire a marketing specialist company cheaper than hiring several people.