8 BUSINESS MISTAKES TO AVOID WHEN STARTING A BUSINESS



To start and scale a business is the desire of every entrepreneur, it’s the desire of many people out there, people who want to run away from their boss, people who are tired of being under someone. Starting a business is one thing but scaling a business is another thing, many people have started a business but it didn’t last more than 5 years, this is to show you that it’s not just enough to start a business, you have to build that business to the level you want it to be. Starting and owning a business is not an escape from poverty. If you don’t build it well you will work for your business till you die. In this article, I will be revealing to you the top business mistakes to avoid when starting a business. But before we get into that I will love to take you on a journey on what it takes to start a business. One of the foremost things you have to have in mind is that you must have a strong reason to start and scale a business, if you don’t have a strong reason you will not be able to avoid the common mistakes people make in business. Hour reason is what keeps you going when every other thing fails, there are times it song be as you have anticipated, it’s your reason that will keep you going. Don’t start a business because you want to run away from a harsh boss, your reasons are good but it’s not strong enough to get you through the first toughest years of your business. Another quality it takes to start, grow and scale a business is determination. The ability to not settle for anything less until you see your business grow and become what you have envisioned it to me. If you don’t have the quality of determination you will not be able to stand in the dark phase, these are phases every successful business must pass through before it starts pulling in great profit. When you neglect this simple business attitude, it will be incredibly difficult for you to avoid some of the common mistakes many people make in business. Passion and determination are the two most powerful attitudes required to start and scale a business. A business is to be treated as a child, it requires time, nurture, attention, and love for it to grow, if you can not cherish and treat your business like you would to a child. If you don’t love your business like you love your child, it will be difficult to start and scale a business. With these few pieces of information in mind, I believe you are ready for the next thing which is; the top business mistakes to avoid when starting a business, sit tight, sip your juice, and let’s take a ride to the world of business. 

Business mistakes to avoid when starting a business 

1. Not doing a business plans

A business plan is a set of plans that are first done and written before starting a business. Doing a business plan will help you to avoid business failures. A business plan is a very important part of a business, if you are hoping to start a business, it is important you write down your plans. What are your business goals? What does it stand for? What does it represent? Your business plan is a long-term vision you have for your business. A business plan allows you to know the best platforms to get quality prospects, business plan gives you focus, when a business owner makes no plan whatsoever, then the business is heading for failure. Making plans for your business gives you vision, both long-term and short-term plans will help prevent grave mistakes in business. This business plan does not only subscribe to an offline business if you’re hoping to prevent mistakes even in your online business, but you must also take this part seriously, business plan gives you insight on buyers decision, which level your buyers are, and the best message that appeals to them. When you follow this procedure, it will help you to avoid mistakes when starting a business.

2. Not doing enough business research

This is the foundation of business, for every business to survive and grow, market research is an irreplaceable part of the business. It doesn’t matter whether the business is online, this procedure can help you prevent online business mistakes. Research is done to know who your buyers are, and where they spend most of their time in. Research allows you to go deep down to know your prospect, their pain, their disappointment, and their fears. Market Research is a very crucial part of a business. It is very vital, if you must avoid mistakes in business then market research is something you have to do. Doing your research very well gives you the ability to know who your prospect is, you know the temperature they’re in at a particular time. Every buyer or customer falls into a buyer’s temperature, market research helps you to know where they fall into and the best message that suits them.

3. Doing what you love instead of what you can

There’s this saying that has become popular among people, “do what you love doing”. When it comes to business, this is not so. If you must avoid mistakes in your business both online or offline, you have to do what you can do. Some people love to cook but cannot cook, when these people because of their love for cooking go into the cooking business they will not do well, reasons are because they can’t cook. This is a very important business mistake to avoid when starting a business. You have to take this point seriously. Some of us love doing something, but what we love can’t fetch as much money, if you go into that business out of sentiment, you will fail in it. It is better to do what you can do that brings in the money than do what you love to do that doesn’t. The goal of every business is to make a profit. If you’re just starting a new business both online and offline, take this point seriously, many business owners make these mistakes. 

4. Ignoring your competition

This is one of the most costly mistakes I see business people make when starting a business. If you want to start a business, you must look around, know who is in the same line of business or product as you, if possible buy their products and study them, and know what they are doing right and what they are doing wrong. Go as far as checking their website. You are about to start your own business, a business you planned to do for a very long time. You must study your competition, know the prices they are selling theirs at. If your competitors are selling the same product you intend to produce at 100# and you start selling yours at 150# as a beginner, you will not make any much sales. For you to do well in business, both online and offline, this is a very critical part of your business, to avoid making business mistakes. If you intend to start a business, there are things you must know before you start one, these things give you the edge over your competitors, your competitors are your biggest challenge to the growth of your business, and you have to always keep a tab on them, follow them closely to know when they have introduced a new concept or a new business idea, then test it and see if it fits into yours. Ignoring your competitor will be business suicide, don’t make this mistake many business owners make. 

5. Check for market saturation

This is a very important aspect of a business. If you want to start a business and you want to avoid these business mistakes many business owners make, you must check the market saturation of your business. If you are planning to sell shoes for instance, and there are so many people selling shoes already, you may not make much profit in the business. Market saturation allows you to know what is working in your business circle or not, studying the saturation level of the market you intend to join gives you the edge over other business owners. If you must avoid business mistakes, then you have to consider this point. Many business owners just stay in the comfort of their homes, they create a product without market research, launch the product without checking the saturation level of their market, and expect to make huge sales from it. As a beginner just starting a business, you have to take this point seriously if you must avoid business mistakes and make huge sales from it. Many business owners are reluctant or don’t take this process seriously, they have no idea how much money they are leaving on the table for their competitors who took this aspect seriously. 

6. No understanding of what you are selling

As funny as this subheading looks, many business owners don’t understand the market they’re into. This makes them make costly mistakes, mistakes that could cost them a fortune. Understanding the product you are selling is a very important part of a business, you have to be able to separate features from benefits, and you have to be able to understand the composition of the product you are selling. Understanding your product will help you understand your target audience. Business owners who don’t understand the product they are selling will inevitably make the mistake of targeting everyone during their marketing process. No good business owner targets everyone during the marketing process, the narrow your audience the better results you can get. For you to avoid business mistakes many business owners make, you have to consider this, spend time studying your product and it will give you the edge over your competitors. Understanding your product is a very important aspect of the business. Don’t make the mistake most people that are new to business make.

7. Not having enough money for marketing

Marketing and creating awareness is a very important aspect of a business, without a proper marketing budget you will find it difficult to beat your competitors and make sales. This is one of the mistakes business owners make, many people start up businesses without enough capital for marketing, and they end up losing the little they have on the wrong platforms for advertising. Every intelligent business owner must have a start-up capital that is kept specifically for marketing. If you’re a newbie coming into the world of business, please have some money kept aside for your feeding and clothing as you build the business. Many businesses take about 3 to 5 years to be built, during that building stage you have to have enough money kept aside for your upkeep. Don’t make these common mistakes business owners make.

8. Doing everything yourself

Many business owners make this mistake and have it in the back of their minds that if you do everything yourself you will break down easily. Learn to delegate some work to different persons to relieve you of the stress, you may be skilled in many areas, but you are not skilled in all areas. Most business owners, but small and large businesses make this mistake and in the long run, it costs them a lot. Learn to hire people to do some of the jobs for you, but don’t be too quick to higher, know when to hire permanent workers and when you hire temporary ones, so that you will be able to avoid the mistakes many business owner make when starting a business. 

Conclusion

We’ve come to the end of this article, we’ve looked out what it takes to start a successful business. I went ahead to write on the importance of passion in business and how passion is the fuel that drives you when things stop going well. I went ahead to write on why it is important to have a strong reason, your reason for doing business will give you clarity and vision. If you’re new to the business, if you already established a business, you must read this article again, carefully to understand all that I have written down and there to make necessary adjustments if need be. If you’re looking to avoid the mistakes many business owners, both the new and old ones make, you will find this article indispensable. Feel free to comment your thoughts down in the comment section, and don’t forget to share with friends too.

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