Starting a business is hard. Some estimate that as many as 50% of small businesses don’t make it past the five-year mark. Why? Maybe their owners made one of these mistakes. Here are ten mistakes small business fall prey to.
Wearing too Many Hats
At some point in your small business owner career, you’ll have all the jobs on your plate. Either staff is a luxury because you can’t afford it yet, or you simply haven’t grown large enough to need them. You can’t do everything and do it well. Bring on people whose skills compliment yours – don’t like paperwork? Hire an accountant.
Creating your initial budget is one thing, but many new business owners forget their working capital requirement: the cash needed for expenses before money from customers flows in. You should plan to have enough cash to cover the first 3-5 months of expenses.
Pretend marketing is like electricity – your business won’t run without it. Don’t complain you have no money for marketing; there are lots of inexpensive and effective ways to get your name out there without losing an arm or a leg. The bottom line is that your business won’t go anywhere without customers and marketing will bring those customers to you.
Next time, we’ll present three more small business mistakes you don’t want to make.
Looking to start a business? These mistakes can be avoided especially with a proven process such as buying a franchise and being matched to the right one that fits your business personality! Request your free copy of Roadmap to Success today!