Top Biggest Common Small Business Startup Mistakes to Avoid

Top Biggest Common Small Business Startup Mistakes to Avoid

In today’s world of economy and business markets the model of business is changed as time and generation changes, therefore, the business opportunities are also increased in form of freelancer, on hourly basis, part-time, full time and the micro, small, medium and large enterprises, etc.  In order to start the business, you need a lot of desire, a focused mindset, willing to make all efforts to accomplish the goal.  If you are one of them who wants to own a business or start the business on his/her own then you should really take care of some of these common biggest mistakes that possibly one can do while starting a business. Let’s list out what might be the mistakes are:

• Not Having Motto Or Goal For A Business
• No Proper Planning of a business
• Not Doing Market Research
• Not Able To Manage Staff
• No Financial Budgeting
• Note Taking Help From Management Consultants
• Waiting For Investments Or Someone To Invest
• Starting A Business With Off Track Niche
• Lowering Your Business Cost
• Not Doing Constructive Marketing
• Not Doing Proper Legal Documentation Of A Business

Not having a motto or goal for a business

If your business-level is at a startup then please write it down your end of a business, generating money from a business is not a goal. As a business professional you do work hard and earn money. So, set such a goal that will bring the change in economy and will last for a longer time. If you didn’t plan then you will not have a direction on how to take forward steps for your business and you will get confused and always surround by the question in your mind with this you will feel like your now in a trap and there are no solutions for this, but such cases do take help from the one who has proper and correct knowledge like management consultants or strategist. 

No proper planning of a business

Before you come under the category of startup level in your mind you have lots of ideas. In order to convert those ideas, in reality, you need to put lot efforts and hard work, but it did everything without proper planning then it will be like we just work hard without getting nothing. If we do planning or discussions with management consultants. One can get an overall idea n how to execute the idea and how to get return on investment in a systematic way.

Not doing market research

Now in the market, there are so many business ideas are out there. Such ideas ware people get influenced within a seconds and start doing actions to execute that idea, but some of business principle is sustainability. So, in order to get desired result we need to keep on doing hard work patiently and if we didn’t then we tend to close the business setup. To avoid that market research is very important. You get to know current market status, what market is looking for and other consumer requirements etc.  For that you need to have proper people who will help you out in this and you can rely on it.

Not able to manage staff

Every startup owner or founder has created an imaginary vision while starting a business. The vision is like they will get good team members and they will get control over those team members easily and will get work done from them. In reality Itis very difficult to find good people and experienced people initially. You need to take people like similar mindset people so that, they are ready to survive without money in tough times of the company and will not leave you or owner or founder or management alone. Like you when you start business keep in mind your income will not flow early it will take time like a year or 2-3 years to get going. So be prepared for those situations. Never lose hope. Keep on trying even those it very difficult. Once you face this kind of challenge and came out successfully you will become unstoppable.

No Financial Budgeting

Now you finally open the company with all positivity and desired having required investment of money or your savings money. So, the initial six months you did properly spend money on office expenses, salaries of all employees, etc. and then suddenly you will find yourself in big depth. During this whole process, you will never know how much money you spend and when your tough time comes then you might not having the money that will help you to retain your business productivity. So, financial budgeting is very important. Please be careful while spending money on expenses. Get help from proper professional financial advisors.  

Note Taking Help from Management Consultants

In our human body, our heart is main and import part similarly in every business whether it is small or larger the management is a very important part of the organization. In India, we have seen mostly founder or owner think him/herself as they know everything and with what little knowledge they try to make the system without any proper knowledge which indirectly affects their working productivity.  So, without wasting time do take advice from management consultants which will lift up your business by doing smart work.

Waiting for Investments Or Someone To Invest

There are people who themselves don’t work hard for their own business, but someone else should work hard and do I for them. So, practically his does not happen. So people ask them to invest and work together. Most importantly one person can’t run a business it needs a group of people and we need to help each other and grow together.

Starting a Business with Off-Track Niche

There are people who act like someone else is doing so, I will do the same. In business, this doesn’t work. In this process, people might choose the niche without thinking and research work we called it homework.  So, sometimes this kind of chosen field might not be grateful to you. You need to think properly while choosing the business field. In these situations the management consultant will help you out.     

Lowering Your Business Cost

As a business person one thing you should keep in mind that, you should not lower down the product cost or services cost. In order to get more clients or customers. Please do proper research before taking any decision.

Not Doing Constructive Marketing

One thing keeps in your mind. Companies good time or bad time never lose marketing. Keep on doing the marketing.

Not Doing Proper Legal Documentations of a Business

Once you take the decision of starting a new company or starting a new business. Be sure that you register yourself properly in the law of government of India so that you can get reliability. Clients can rely on you without any doubt. 

- By PuiSSance We