Every day, literally thousands of regular, sane and normal people take the plunge and start their own businesses. As they survey the hazardous landcape, little do they know how easy it would be to avoid the traps that so many of us have fallen into.
If you’re in the initial phases of starting your own business, then I must warn you: Avoid these mistakes as if your life depended on it. Because it does–your financial life, that is.
Let’s look at the pitfalls I’ve seen entrepreneurs have to dig themselves out of all too many times:
Taking on a business partner.
Most people give away equity upfront to a partner. Yes, there are examples of partnerships that work, but most don’t. Unless you’re absolutely sure about your partnership, hire people to help you out instead.
Thinking the business idea will make the company.
It’s the people who make a business successful, not the product, not the service and not the new invention. Focus on building a great company as much as you do a great product.
Competing on price and price alone.
This is by far the fastest way to send yourself into bankruptcy. Business is about profit, and having a smaller revenue with a larger profit margin will always beat out winning tons of business but earning almost no profit. Learn marketing and sales so you can get out of the price wars.
Trying to cost-cut your way to success.
By saving a wage and doing the work yourself, you forget that nobody’s out there drumming up new business for you. Focus on bringing in the business, not saving a few pennies.
Doing the work once and getting paid once.
The key to success is to do the work once and establish a long-term, income-generating relationship. Learn to structure your clients, your business and your income that way, and you’ll build a great business.
we hope that you will be able to make a wise decision not only based on this but do your research before you venture into something.
Never compromise on Quality.
