Setting up a new business is very difficult. Launching a startup is even more challenging. Attempting to build a company from a scratch is a tedious task and a lot of entrepreneurs go wrong in the very first stages of the journey, setting the tone for eventual failure. That is why companies like Your Company Formation (yourcompanyformations.co.uk) are so valuable to startups – they help you to get it right from the start. Regardless of prior experience, many entrepreneurs pour in their energy, money, time and heart in developing a business idea. Unfortunately, due to lack of expertise, many startups fail within a few months. Things like failing to realise the importance of starting a blog can be very detrimental to your startup. You can save your project by not committing these common startup mistakes:
6 Launching it alone
If you go through the history of successful business ventures, however big or small, you will notice one thing common – more than one founder at the time of launching. It is very rare for a startup to succeed if it has one founder. Having one or two extra partners not only makes it easier but also lessens the burden and therein enhances the chances of the startup to prosper.
Source: http://www.123rf.com/
5 Not enough research on business idea
Failing to conduct a proper research on the business idea is one of the major mistakes novice entrepreneurs commit. Conducting a proper research on the business idea is very important. This allows you to find out the feasibility of your venture and whether there is a proper market for your product and service. Make sure you do research into the ways you’re going to market your business too. Check out citations and local seo and learn more about the ways to get your business known!
Source: http://www.businesstouch.info/
4 Absence of enough capital
Although there is no foolproof path of succeeding in the business world, having enough cash in hand will help you get started and can significantly increase your chances of success. Majority of entrepreneurs make the mistake of using their personal savings or money they get from family and friends. There is no harm in taking loans from investors. Just remember this small trick, only borrow enough capital to take your business ahead.
Source: www.capital.com
3 Choosing the wrong investor
While selecting an investor for outside funding, make sure to look at the value an investor will bring to your business rather than focusing only on the money. Majority of startups make the mistake of going with investors who provide more capital, but in the long run these investors cause a lot of added pressure too.
Source: http://fortune.com/
2 Inappropriate hiring
Unfortunately, entrepreneurs make the mistake of hiring a bunch of employees at a very early stage. On the other hand, approaching talented part-timers for managing various aspects of the business is a more suitable and sensible plan. Some business owners don’t hire enough employees and get themselves into some trouble that way. For example, when the computer system breaks down, if you need help then find a good IT support company. This is a much better idea than trying to manage every aspect of the business by yourself, or with very little help.
Source: https://expertbeacon.com/
1 Overlooking your customers
When your business is going good, you are moer likely to ignore the most crucial part: CUSTOMERS. Since customers are the backbone of every company, ignoring customer feedback can bring unfavourable results.
Source: https://expertbeacon.com/
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