Are you thinking of starting a business ?whether you're just getting started or you already in the thick of things. It's important to note, what mistakes to avoid. Businesses are tough enough as it is and making avoidable mistakes can be the difference between success and failure in this video we will share five mistakes you need to avoid when starting a business
Number one; Not defining your target market when you're starting a business it's important to have a clear Target Market in mind this will help you better understand who your potential customers are and what they're looking for without a defined target market your marketing efforts will be scattered and less effective you could end up wasting time and money trying to reach people who are not interested in your product or service
Number two; Not validating your business idea one of the most common mistakes entrepreneurs make when starting a business is not validating their business idea before you invest time and money into launching a new business it's important to make sure there's a market for your product or service if you take the time to validate your business idea before launching you'll be much more likely to find success as an entrepreneur
Number three ; Not doing your research if you're thinking about starting a business it's important to do your research first one of the most important things to research is the market what is the demand for the product or service who is your competition what are their prices and what do they offer that's different from what you're planning to offer you need to have a good understanding of the market before you can even begin to create a business plan
Finally Don't forget to research your own finances how much money do you have to invest in your new business how much can you realistically expect to make create a budget and stick to it don't overspend in the beginning or you could find yourself in financial trouble down the road
Number four Not creating a realistic budget creating a budget may seem like a daunting task but it doesn't have to be complicated start by itemizing all your projected income and expenses for the year then break down those items by month so you can see where your money will be going and make adjustments accordingly and number five not planning for the worst without a plan your business could quickly become overwhelmed by unexpected challenges this can lead to cash flow problems layoffs and even bankruptcy a good contingency plan will help you weather any storm and come out on the other side stronger than ever it should include an emergency fund to cover unexpected expenses strategy for dealing with difficult customers or suppliers and a plan for how you'll keep your business running if your office has damaged or destroyed.
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