Things to Avoid When Starting a New Business

Starting your business is a way to be fully independent and to take full control of your life.

If you believe you’re destined to be an entrepreneur and are looking to start a business, this article will help you avoid five mistakes that may affect your success.

1- Choosing the wrong path

A lot of businesses have failed due to choosing a product or service that is not in demand. Choosing the right idea for your small business is the key to success.

Need some help ? Ask yourself the below questions to find the right idea:

  • Why do you want to start a business?
  • What are your skills?
  • What product/service you can provide?
  • What need can you fill?

These questions will help you understand your abilities and what you can/cannot do.

2- Getting started without proper research!

Market research always gives indicators about whether your idea can be turned into a successful business or not. It helps you gather information about other similar businesses which allows you to give your business a competitive advantage. It may also expose you to consumer behaviors and insights to help you improve your business from the start.

3- Not having a business plan

Creating a business plan and feasibility study will help you figure out how much money you’ll need, test your profitability, and reduce risks.  The business plan is simply your master plan, it includes every single detail about your business and every step you take moving forward.

4- Doing everything on your own

You can’t do all of this without asking for help! It’s always a good idea to have people help you with research or other setup items. Don’t try to do everything yourself, delegate work and identify a mentor to help you along the way.

5- Spending a lot of money

It’s very common that once an entrepreneur thinks of starting a business, the first thing that comes to mind is creating a website or renting an office or hiring people. All of these things are not critical from day one! You don’t need all of that to start. You need to think how to “make” money rather than how to “spend” money.

 

Learning from your mistakes is the best way to learn, if you don’t make mistakes you don’t learn. Be open-minded and use your mistakes to understand what to do and what to avoid.

July 14th. 2020

By Sarah Al-Qersh

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