8 Mistakes You Want to Avoid as a Start-up

8 Mistakes You Want to Avoid as a Start-up

There are millions of start-ups being launched each year; however, many of them fail or fizzle out. Today we are going to look at a few mistakes to avoid in order to be successful and not become a statistic.

  1. Lack of Researchmarket research
    This is a common mistake for new online entrepreneurs. We covered what type of research you should conduct in the First Step in Starting a Start-up. Go here to read it.
  2. General Target Client
    You can’t market to everyone, so it’s important to be specific about who your target client is.
  3. No Business Plan
    Be sure to create a business plan.  It doesn’t matter if it is a rough draft. Chances are it will change as you and your business grow.
  4. Not Learning the Basics
    Be sure to learn what the law is in your area, as well as which documents are required for your type of business. The laws for operating a business differ from state to state. If your business is home-based and you live in a Home Owners’ Association residence (HOA), be sure to check their rules for home-based businesses.
  5. Information Overloadstart-ups tips
    You will find all types of enticing offers now that you’re online. Stick to the facts. Don’t get distracted by information that doesn’t pertain to your business. Purchase only resources and tools, which relate to your business.
  6. Overspending
    As mention above, buy only what you need. Set a budget and stick to it.
  7. Not Scheduling
    Make sure to jot down important dates on your calendar or some type of online project management site.  It’s vital to be organized.
  8. Not Setting Up a Separate Bank Account
    Another mistake new online entrepreneurs tend to make is not setting up a bank account for their business. This account is separate from your personal account. For legal reasons, this is a must. Go here to read an article on the importance of having a separate business account.

These are a few mistakes you want to avoid in order to have a successful business. Getting distracted by “don’t need to know” facts, resources, and tools tend to trip up new online entrepreneurs.

Are you guilty of any of the above mistakes? If so, how did you correct them? Join in the conversation by commenting below.

We touched on learning business basics earlier. Come back next week when we take a more in-depth look into some basics of operating a business. As always thanks for reading!

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