8 MISTAKES TO AVOID WHEN STARTING A NEW BUSINESS

Oftentimes we get too eager to start up a business as soon as the idea pops up in our head.
This eagerness most of the time does not allow us to have a proper plan for this great business
idea in our head. The only thing that will be ringing in our head is to start up the business as
soon as possible. Well, it is not advisable to start up a business out of eagerness because you
will realize later on that you did not do some necessary things you ought to do.
Quickly let’s talk about the mistakes to avoid while starting up a business.

1 . Not giving yourself time to make a proper business time:

truly, there’s no perfect time and
plan to start up a business, but it is always advisable to sit down and think about ways and
steps you need to take in making sure your business ideas become a reality. Not just a reality,
but a reality that will last a lifetime. Proper planning before starting up a business will not only
guide you and your teammates but will also serve as something to look up to whenever you
want to track or know if the business is making progress.

2. Lack of resources and funds:

one of the things that kills the spirit of a business is lack of
resources and funds. Like I said earlier, you get too excited about the business idea that the
only thing that comes to your mind is just to start the business immediately. This mistake will
make your business idea seem like a wrong idea. In fact even though you are getting customers
you won’t be able to meet their demands and there’s nothing more frustrating than that in a
business. The best thing is to make sure you have a reasonable amount of capital and the
resources to start up your business to avoid getting tired of the business as soon as you’re
starting.

3. Failing to adapt and monitor your progress:

it is not enough to put in the work and get your
business started, in fact getting a lot of customers is also not enough and this is one of the
mistakes people make in new businesses. Because what is the point of working so hard and not
taking a pause to see if you are actually making progress or getting closer to the goal you had
set for the business at the beginning? You need to learn how to monitor the progress of the
business to ensure you are not working in vain. Also, failing to adapt to the current market will
do more harm than good to your business. The market changes most of the time and it is
always advisable to adapt to these changes so as not to be left out.

4. Buying assets with your cash flow:

this is in fact a common mistake made by almost all new
business owners. You should not not use the money you are using to run the building to buy a
long term asset. This will lead to shortage of cash flow and will eventually affect the productivity
of the business. Instead of using the business money you could get a loan or better still save for
the asset if it’s something that is not urgent.

5. Not asking for help:

nobody knows it all, even big companies ask for help when they need
help. One of the mistakes most new business owners make is pretending or thinking they know
it all. It is perfectly normal to ask for assistance, don’t hesitate to seek advice from your mentor,
especially the one in your field.

6. Comparing prices with competitors:

this is wrong. Your prices should not depend on the
prices of your competitors. It is important to research the cost price of your products. If you can
even reduce your own price by a few percent, please do. As this will get you more customers.

7. Not making good use of technology:

hardly will you not see any business on social media
platforms yet when some new business owners start up their business they make the mistake of
not putting their business out there on social media. Social media is a great platform for every
business owner, either you are selling physical products or you offer services, it is always great
to put your business out there on social media. I say this a lot of times, the world as a whole is
your audience on social media. This will also be a great way to advertise your products or
services.

8. Not wanting to learn:

the world keeps changing day after day, so does the market and people.
Learning goes a long way in anything at all, especially business. The more you learn the more
you are likely to earn and the less you will spend. Failing to learn is automatically learning to fail.
As you grow your business, learn from your mistakes and also learn from the mistakes of
others, this is the way you can grow and develop your business