WHOOPS!
5 most common startup mistakes
Starting your own business is tough. In fact, only 39.5 percent
of new businesses remain open after six years, according to the
SBA's Office of Advocacy. Gene Fairbrother, lead small-business
consultant for the National Association for the Self Employed and
president of MBA Consulting Inc., reveals the five most common
start-up mistakes:
1. Failing to set up strong and established financial
routines. Entrepreneurs often don't know where their money is
coming from or where it's going.
2. Not conducting the proper market research. Even worse
is when start-up entrepreneurs don't respect feedback from
customers or potential clients.
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3. Charging less than the market will bear. This leads to
smaller profit margins and ultimately too little revenue to stay
open.
4. Getting caught up in day-to-day tasks without future
planning. For example, some entrepreneurs market only when they
need new business, not realizing it could take months to reap the
efforts of their campaign.
5. Not seeking proper support. Remember, business
consultants, accountants, lawyers and industry organizations are
all a startup entrepreneur's best friends.