Starting A Business

Excitement in having a business and being your own boss may over rule a budding entrepreneur and sometimes might be the reason to overlook loopholes that might ruin the business five, ten or twenty years down the road.

I have listed below the top things that are likely ignored by most business owners which could be corrected from the very start:

1.Poor Location- Its always the location, location, location in business not unless you are running an online store you should make sure that your location is strategically located in high traffic area to be able to gain exposure and sale. If you are just a starting business you may opt to start at your very own backyard or garage to cut back on rental expenses.
2.Lack of a Comprehensive Planning- Planning involves a thorough and complete research of the market and probable competitors. Many businesses are caught off-guard on this aspect because of lack of research. It is also necessary that planning is in black and white business plan that could be your guide as you run the business.
3.Lack of Passion and Reason in Starting the Business- A small business needs continuous nurturing and hard work and if you don’t have the heart and passion in doing it, you will see yourself exhausted and stressed working on it to grow. Contemplate on the right reasons why you started the business in the first place and make sure that you are very much motivated to do it.
4.Too Much Unnecessary Overhead Expenses- Many business owners gets too emotional about expanding their businesses at the first sight of growth hence; they either relocate to a bigger office or hire additional personnel. Avoid these loopholes and maintain low costs even if sales are starting to soar. Hire only people if you could keep them really busy for one or two years. Move in to a bigger office if sales has already doubled or tripled and there is really a need for a bigger space.
5.Poor Management- Many business owners are often times tired doing operational work hence; they fail to oversee the admin side of the business. Being the business owner, you should learn how to delegate work to others and focus more on managing the whole business. You should be expert with mostly all task in the business but it doesn’t necessarily mean that you are the one that will do the entire task.

Keep these important things in mind and try to avoid all of them. Remember that being vigilant and passionate in business are the key aspects to be able to be successful.

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