How many of you reading this wish you could quit your job
and start your own business? Nearly
everyone in the workforce dreams about being their own boss, but few are able
to start and maintain a successful business.
Alex F. Bouri and other
successful entrepreneurs have been in your shoes, and starting a business is no
laughing matter. It takes a lot of
planning, effort and money to start and build a business, and it seems like
nearly every news site and business blogs have advice on how to do it. If you really want to learn how to start a
successful business, you’d be better off reading articles on things you should
avoid doing instead of things you must do.
If you want to have a successful business, avoid making these common
mistakes when you’re starting out.
Not figuring out a target audience
A lot of new business owners assume that everyone is
potential customer and think that their target audience is the public at
large. This way of thinking may seem
smart, but neglecting to identify and research your target audience will only
lead to failure. Go online a do a little
research on how to find your target audience, and spend time researching them
to get a feel for them. Find out where
they like to spend their time, what websites they like to visit, and their
average level of income. After you learn
about your target audience and their interests, you’ll be able to better market
your products and services.
Getting loans from family members and friends
Your aunt or best friend is more than willing to give you
the money you need to launch your business, but if you want to succeed you’ll
turn their money down and head to a bank for a loan. Friends, family, and business rarely mix well,
especially when there’s money involved.
Imagine having your friends and family members dictate your business
decisions because they feel like they need to protect their financial
interests. Envision having to explain to
your family member that you can’t pay back their loan on time because of
business matters. Don’t risk any of your
personal relationships over a business, do your best to keep your business life
and personal life separate.
Relying on yourself for accounting and legal matters
You may have enough knowledge to open your own business, but
unless you have degrees in finance and law you shouldn’t handle your business’
books or legal matters. There’s a reason
why self-made businessmen have a team of accountants and lawyers handle their
legal and financial matters. They have
enough foresight to know that they don’t have the expertise or the time
available to handle their business’s financial needs or legal needs. It may seem “too expensive”, but you can’t
afford to not have a lawyer or an accountant help you when you’re starting out.
