Starting a business is not easy and staying in business is also not as linear a path as some may think. It takes dedication, persistence, proper planning, good money management skills and accountability. However, with the right systems in place, we can all be successful in our pursuits. Here are 5 of the most common, and easily avoidable mistakes Small Business Owners make.
Not having proper Systems/record keeping in place
Most small business owners make this mistake. They refuse to streamline their expenses because business is not booming at this time. However, proper records will save you big time in the long run. Equipment, meals when you travel, travel expenses, educational expenses, etc. Start recording those in quick books, or even on a basic spreadsheet. Falling behind the 8-ball is much like climbing uphill.
Not Marketing
Marketing is very important in business. Marketing can take many forms, here are a few: word of mouth, internet marketing, blogs and traditional advertising. Marketing rules aren’t set, the best type of marketing for you depends on the nature of your business and your ideal client. Do not make the mistake of is assuming you don't need to market and that business will come to you.
Not Hiring Professionals
I totally get it, you are just starting out and you would rather have a friend help you instead of hiring someone because budget is tight right now. This is understandable, there are things you can learn about online and do yourself but there are many tasks that are better served being completed by someone else. As a business owner, your job is to only focus on two things: facilitating the growth of others, and understanding where you provide the most value. It is imperative that you determine what your time is worth. Any task which can be completed by someone else below that cost, should be delegated. This is the only path to growth.
Not Incorporating
Incorporating your business should be the first thing you do when opening your business. Especially if your small business is a clothing line etc. You want to consider trademarking your stuff. You can benefit from incorporation in a number of ways. Here are four ways in which you can: Save your money(save tax), improve your business image, make your business more desirable to customers and attract investors.Investors are likely to invest in corporations rather than partnerships . You can read more on incorporating at this link https://www.mycompanyworks.com/international.htm
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