Three Things You Should Never Do When You’re Starting Your Business

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.