Common Mistakes Small Businesses Make and How to Avoid Them
Unfortunately very few start up businesses make it beyond their 3rd year. Failure is usually down to a number of clearly identifiable mistakes, which if small business owners are aware of, can increase their chances of survival.
Here are the top 10 common mistakes which small businesses tend to make.
Lack of Market Research
When a budding entrepreneur comes up with an idea for a new business he assumes that because he would buy such a product or service then everyone else will. This may be the case for day-to-day necessities but for other items this is usually not so.
Its important that when you start up you carefully research the market to check that:
There is demand at a level which would lead to a sustainable business
People are prepared to pay the price required for you to make a decent profit
Undertaking market research may appear time consuming but the effort will pay off.
Poor Record Keeping
Some business people are not born administrators; they feel more comfortable getting out there and doing the business. Paperwork is too easy...
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