9 Commonest Mistakes to Avoid While Starting a New Business



Are you one of the many new entrepreneurs, who’re fired up about their business ideas? Then you must be very keen to launch your company for trading with others. 

However, according to a leading Singapore-based motivational speaker, it’s better to take a step backward to ensure that you avoid a few of the common mistakes that adversely affect several new businesses. Only if you can make the right moves in the beginning, then only it’ll help you to avoid major headaches later on. 


  2. 1. Insufficient Financial Preparation and Resources 


It’s quite common for entrepreneurs to ignore financial planning and understand the amount of capital they’ll require to get their business up and running. Often, the result is insufficient funds to achieve your goals and/or a cash squeeze just as the business is taking its baby steps. 


To avoid such issues, you must be able to prepare financial projections for your new business, particularly for the initial 12 months to help you secure financing and investments.  


  2. 2. Ignoring the Importance of Making a Business Plan 


Several new entrepreneurs fail to strategize a business plan. Such a document doesn’t have to be very lengthy or detailed. However, taking the time to chalk out a business plan will help maintain the consistency of your efforts, serve as a rallying point for your team, and provide them with milestones to evaluate your progress. 


  2. 3. Purchasing Assets with Your Cash Flow 


A common mistake that may lead to a cash crunch is utilizing your operating cash to pay for long-term assets. Rather, while deciding how you’ll pay for major purchases like machinery, equipment, or major IT outlays, consider applying for a business loan featuring a term matching the lifespan of the asset. You may seek a seven-year loan for a vehicle you expect to use for seven years. 


  2. 4. Failure to Monitoring Progress and Adjust 


Don’t allow any accumulation of dust in your business plan and financial projections. You can make them living documents by continuously tracking your progress and updating your plan and estimates. 


  2. 5. Setting the Wrong Price 


Never commit the blunder of setting your prices based only on what the competition charges. It’s better to research the detailed costs for all your products while deciding what to charge. Additionally, monitor actual costs as you go to make any needed adjustments. 


  2. 6. Ignoring External Help 


Several new entrepreneurs are hesitant to accept that they need help. Never feel shy about seeking a mentor, hiring some consultant from outside such as an employer branding speaker, or forming an advisory board to provide you with support and ideas. 


  2. 7. Avoiding Technology 


A lot of businesses lag behind their rivals in technology investments. That can seriously affect their productivity. Consider how technology could be beneficial for your business with enhanced growth, efficiency, and profitability. 


  2. 8. Neglecting Online Marketing 


Always consider ways to make full utilization of the marketing potential of the Internet. It is an era of digital marketing. Ads on social media platforms can be a cost-effective and convenient way to target particular market segments. 


  2. 9. Failure to Learn from Mistakes 


While starting your business, learn from your initial mistakes and utilize them to guide your subsequent success. A lot of successful entrepreneurs failed in their initial attempts. However, they came back strongly to thrive after introspecting their mistakes and improving. 


Inference 

By going through the mistakes mentioned above, it’s expected that you won’t repeat them. If you can employ the services of the best business coach, then it can be very helpful for your new business.   

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