Common mistakes people make when they get into a business swim
When you start your business, make sure you go through this set of checklists. Ignoring these pointers could prove to be a costly mistake that could make your business sink instead of swim. Some of the common mistakes that people make when they get into a business……..
* Not making a business plan. A business plan, even a simple one is worth the time it takes to write because it can help give you a ‘road map’ or ‘blueprint’ to follow.
* Not test marketing to see if your business product or service is in demand.
* Not having the background, training, and/or experience to start your business. Assess the skills and experience you presently have to check if you have the knowledge and skills required by your new business. If you need to acquire more skills, enroll in courses or take up a job in the industry to get first-hand experience.
* Inadequate marketing. Marketing is a daily task, Without it, your business will stagnate.
* Lack of professionalism. Just because you work from home, does not mean your promotional materials, business letters, or how you conduct your business should be haphazard.
* Lack of focus. From your business plan, you should devise specific goals - short-and long-range-on which you can concentrate your efforts rather than wasting time and money on markets neither interested nor in need of the products and /or services of your business.
* Inadequate money management. You need to balance your expenses and income. This is to make sure that you are operating as efficiently as possible and spending wisely to promote your business and keep it growing. Consult a Chartered Accountant regularly to set financial goals and parameters.
* Lack of ‘passion!’ You will have to absolutely love your work because it will become an integral part of your life, taking up more hours than you ever imagined. Your ‘challenge’, will be how to ‘pace’ or balance your business activities with personal relationships and activities in your life.
* Business experts say the amount of time a new entrepreneur spends in researching a business idea determines his success as an entrepreneur.
**DM
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