New Business Startups: 5 Mistakes to Avoid

We all know that setting up a business is fraught with risk, yet there are many things that you can do to minimize such risks and with so much competition, carving out a market share can be a real ordeal. Assuming you have already done some extensive market research to establish a demand for your products or services, here are a few common mistakes to avoid when setting up a new business.

business-startup

1. No plan –

Prior to launching your enterprise, it is essential to draw up a comprehensive business plan. You need to spend a lot of time on this; your plan should include a general overview of the business, a vision and mission statement, start-up costing, and a good marketing plan. This document would typically be 25-30 pages long and any potential investor should get a clear picture of what you are about after reading your business plan.

2. Lack of funds –

Don’t think you can wing it on a few thousand dollars; it only takes one unexpected cost to pull the rug from under your feet and running out of money is the number one reason for a new venture to fold. Crunch the numbers, come up with a figure that will set things rolling, and add around 40% to that and you are somewhere there or thereabouts. You should have access to extra capital should the need arise; liquidate some of the equity you have in your home.

3. No IT infrastructure –

It is critical that your offices have a good IT foundation; something the leading Washington based managed IT services provider can handle. A few wireless routers and some structured cabling and you’re good to go and migrating all your business data to the cloud leads to a higher degree of efficiency. Forget cellphone networks, all business communication should be via VoIP platforms, which offer real-time video and reasonable cost; ask a local provider for a free demo of a VoIP platform, which uses the Internet to send and receive data.

4. Blanket advertising –

This is not the approach to adopt, rather you should talk to a leading digital marketing agency and they can carry out an online audit to see where you are in terms of a digital profile. The SEO technicians can optimize your website for Google searches and a targeted campaign that includes social media will generate web traffic; identify your target groups and find out where they go when online and they are the platforms to advertise on. Here are a few great tips for the new entrepreneur.

5. Poor management –

The business needs firm direction and a strong leader and in the absence of such a person, there will be no common goal or teamwork. Every employee is a tiny cog in the machine and in order for your organization to be efficient, every player must be totally onboard.

There are a lot of free resources from the US government about setting up your own business and you may even qualify for financial support, after all, this is the land of opportunity!

 

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About the Author: Alex

Alex Jones is a writer and blogger who expresses ideas and thoughts through writings. He loves to get engaged with the readers who are seeking for informative content on various niches over the internet. He is a featured blogger at various high authority blogs and magazines in which He is sharing research-based content with the vast online community.

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