11b, Reverend Ogunbiyi Street, GRA, Ikeja, Lagos

Common mistakes to avoid when running a business

Beginning and managing a business is difficult,there are common mistakes to avoid when running a business, no matter who you are or what your business is. At the end of the day, there’s no doubt that you’ll make some mistakes as you go about the process of starting your business, and there’s nothing wrong with that (especially if you can learn from them). This being said, however, with all the historical experience of other businesses and entrepreneurs, one of the most advantageous actions you can take for your business is to learn from common small mistakes they’ve made. This way, you’ll be putting your best foot forward and you’ll have the freedom to make your own mistakes that future business owners can then learn from.

common mistakes to avoid when starting or running a business

If you’re running a business, then you need to read through the following list of business mistakes, and ensure you go out of your way to avoid them. Any one of them could sabotage your new business venture and turn it into a failure rather than success.

  1. Starting a business without an entity

Securing a business registration is required to operate a business, unless you register, anything can happen to the business at any point in time.

   2. Not having a business plaN

The main purpose of writing a business plan is to set the feasibility of the business idea. Its time-consuming and demands a lot of research, but investing time now will save you so much time and money later.

   3. Doing what you love

The reality is a whole lot of people out there love things they’re no good at. For example, the person who thinks she’s a good cook but she’s not, the person who thinks he can fix pretty well anything-but can’t. Instead of doing what you love, why not do what you’re good at, and what people will pay you well for. It may not be pleasant to the ears, but it’s a whole lot more profitable, and i think making a profit is the reason you’re opening a business.

  4. Not doing any market research
I see increasing numbers of people starting businesses without bothering to do any of this, and then being heartbroken when their new business, which they’ve invested so much in, collapses.
  5. Ignoring the Competition

One important thing to note is to find out what your competitors are doing. 6 ways to find out what your competitors are up to will show you how to keep tabs on the competition that matters. Another thing to take note of is market saturation, the market is already saturated with your kind of business. 

 6. Not investing in Marketing

The common saying that “build it and they will come” is another serious business mistake. No one will know without some effective marketing. Create a marketing plan, set up some marketing campaigns, and keep doing it if you want your business to be successful.

7. Skipping market research

Some entrepreneurs start businesses based on a cursor survey of friends and family who says it’s a ‘good idea’. But friends and family aren’t enough to sustain a startup going forward, and without a well-designed target, your business will struggle to compete. Therefore, don’t make the common mistake of skipping market research, instead, conduct thorough market research to show your ideal target customers as narrowly as possible.

 

As we’ve said, mistakes happen and they’ll certainly happen to you throughout the life cycle of your business. However, by exploring the most common small business mistakes others have made and learning what to do to avoid them, you can start your endeavor in the smartest way possible.

For more Information or to speak with an expert:

Visit http://startmeup.ng

Also check our page on Instagram @startmeupng

Related Posts

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: