Starting a new business can be very difficult, it is essential to learn from others who have already been in the same position and made mistakes along the way to learn from them and try to avoid as many pitfalls as possible.
While we always have to expect mistakes and failures, it is good to keep an eye on those 5 common mistakes when starting or managing a small business:
1- Doing It All Alone
Splitting and distributing the work will help small business owners free up their time for business activities that require unique expertise and build a team positioned for future success.
2- Avoiding New Technology
New technology may be intimidating, and require time to learn and understand, but an unwillingness to adapt to technological advances can hurt your business in the short- and long-term.
3- Spending Too Much Money at the Beginning
Plan to start on a shoestring. And remember, if you spend a lot of money, that’s more money you can lose if the business fails.
4- Planning on Making a Profit Right Away
You should have a reliable source of income from something other than your new business to sustain yourself during your start-up period.
5- Renting Space You Don’t Need
Renting space is usually not necessary when you’re just starting out. Often times, you can work from home. Running your business from home can save you a lot of money.