Mistakes to Avoid when Starting Your Own Business ...


Experience is the result of your decisions, and whether your business survives long enough to gain experience is up to you. You have to make mistakes in order to grow your business, but if you learn from the mistakes of others then you can stand on the shoulders of giants and put yourself ahead of the game. Just because you are inevitably going to make mistakes does not mean that you have to make the same ones as everyone else. Here are some common mistakes that new business owners make.

1. Overspending on the Startup

That big fat startup budget looks like it will last forever, but it is the most fleeting of your capital. You must do all that you can to save it. You must do all you can to spend it prudently and to save as much as you can. You can hold it in reserve to purchase fixtures and fittings at a later date. You should never have to buy a duster. Every item in your business should be used often enough to never need dusting. If there is a purchase that may gather dust, then buy it later and keep the money in your startup budget.

Not Being up to Date and Organized