Now, we like to think positive here in The Community, so this may seem like a rather negative approach.
However, knowing the fundamental pitfalls of business start-ups can help you avoid the kinds of mistakes that can bring your venture to an untimely end, and enable you to move forward in a positive, productive way.
So, let’s take a look at six reasons new businesses don’t make it.
Failure to plan.
First and foremost, you need a roadmap. How else will you know where you’re going, and how you’ll get there?
Starting a business you’re not passionate about.
Being your own boss and completely independent means you have to really like what you’re doing, because every decision is yours, and all the work is yours. Of course, all the rewards are yours, too!
Insufficient capital.
Most new businesses require a pretty good amount of start-up money, and all new businesses require at least some.
Sloppy business management.
If you’ve never kept records or created a budget before, it’s time to learn! Business is all about creating revenue that outstrips your costs. If you don’t have a clear idea of your costs and revenues, you’re asking for trouble.
No website.
Please, it’s the 21st century, and everyone expects a legitimate, serious business to have a website. These days it’s just as mandatory as a business card.
Having an unreliable supplier.
If your supplier goes under, will you follow? Be sure to do your due diligence before aligning yourself with another business.
Be Blessed
April 21, 2010
Brandons Gift Shoppe
