How many times have we heard the saying we learn from our mistakes. I have to agree with this saying, and also that the lessons we learn hardest we learn best! I have learned a lot from my mistakes, sadly (for me) most of them were made before the Internet existed as the fantastic networking tool it is today. Today it is possible to read articles or join a forum and get great advice (and not so great advice) from forums.
While it is great to learn from our mistakes, it is better to learn from the mistakes of others, or by standing on the shoulders of giants as Newton said.
These are my ‘business mistakes’ I have learned from.
1) Keep your monthly fixed costs as low as possible, and make your number one priority to arrange an equal amount of regular income on a regular monthly basis to cover this amount.
If there was one piece of advice I would give it would be the above, as more businesses go bust due to poor cash flow than anything else!
2) Thoroughly research and work in your mind and bounced off other trusted people, your idea. Market test it as much as possible while keeping the idea as quiet as possible.
3) Get a...
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