Ana Margarita Olar | Executivechronicles.com
Business like any other ventures is a series of tangled mistakes, failures, and success. Mistakes and failures are not something to be afraid of. Every mistake has a lesson.
We have to learn from it. But why bother committing a mistake when you can learn it from others?
Learn from this start-up mistakes that can burn down your business before it even starts:
DO IT ALONE
You’ll need to have that trusted one even if you start small; it pays to have somebody you can trust by your side. It takes more than one individual to launch a business. There are ups and downs and challenges to face.
The burden becomes lighter when you have a positive person by your side.
ASSUMING THAT YOU CAN REMEMBER ALL TRANSACTIONS
You also need to have a plan to manage your start-up transactions. You might think you can remember it all. But you couldn’t. So keep a journal, or put it on your computer. Check all receipts and log in daily transactions.
In this way, you can track where your money goes, and whether your business start gaining profits or not.
YOU DON’T HAVE A SOLID BUSINESS PLAN
A business plan doesn’t need to be formal. It must at least direct you on what you are going to do with your business.
How much investment are you willing to risk?
Is your marketing idea viable? Who is your potential target market?
Is your location suitable for your target market?
Who are your competitors and how can you stand out from them?
What is your plan if your original marketing idea won’t work?
INCORRECT HANDLING AND DELEGATING OF FINANCES
Your personal spending money should be separated from your business money. You need to have the financial intelligence to cut loss of money in the business. It is normal to be enthusiastic but don’t spend your business money right away.
Too much eagerness will cause you to spend on materials and manpower which you won’t need in the long run. And even if it is true that you can’t do it alone, do not delegate your finances to an assistant manager. You have to do it yourself.
When you are starting a business, it is advisable to start small. But you don’t have to remain small. You have to think big. And you should also learn how to pivot.
You can start small with one kind of business and little by little, evolve and succeed with different businesses. Your small restaurant business could branch out and offer catering services and coupled with event organizing.
Business start-up is may seem hard at first. You just need to have that one spark to start with. Nothing is impossible. It’s all in your mind. Avoid these mistakes, visualize your goals and then act on it.