7 Startup Mistakes That Will Destroy Your Small Business

You have an attractive business idea and wish to make it a reality. You can't get excited and wait to get started.

As an entrepreneur, I can tell you from experience that actually starting a business is not easy. Many businesses are failing. About half of small businesses will last five years. Creating a successful business requires more than attractive concepts. Many owners are unfamiliar and make many mistakes along the way.

I want your business to be successful. I want you to enjoy expansion, recruit staff and increase sales. To help you, I will warn you about common small mistakes. I make mistakes and I see other entrepreneurs making mistakes. Learn from us and keep your business on the road to success.

Here are the seven business mistakes you need to watch out for:

1. Not Researching Your Idea

You need to research first before starting a business. Taking the time to research your idea is one of the worst business mistakes you can make. Even if you think you have the best idea, it can actually be awful. Find out if there is a market for you. Ask potential customers if they don't buy what you have to offer. Your idea is not great if you do not have people willing to pay for it.

I did a lot of research before starting the company that would become the top one next time. I gave away the phone book to find potential customers. I've talked to potential customers about their needs and wants. I did research in the library (because there was no internet at the time). I found out what it takes to start my own business and I transformed my research into a model of my business that was successful.

2. Irrational Thoughts

After doing your market research, you should come up with a realistic plan and realistic expectations for your business. I am feeling passionate and ambitious about your business. But no matter what you do, reject the sovereignty of the world. This type of thinking will make you a bad choice and lead to bloated speculation and disappointing results. Remember, you can't be all things to all people.

Be real. There is no way that you will make everyone your customer. There will always be doubles and contestants pulling customers. When you set goals and make sales estimates, think about what it is possible to do for your business.

3. Depreciation Expense

Starting a business comes with a lot of expenses. Many new small business owners spend more money than they put money into. Business is disabled because the money is running out. Failure to understand how much it costs is a common business mistake. You need to calculate the total cost of your products and services. Waste prices, overhead costs, and plants for your time.

Some business owners make zealous sales forecasts and spend money on these forecasts. Because the forecasts are too generous, the business spends more than it actually puts in, which causes a negative cash flow.

4. Not asking for Help

You don't know what you need to know to start and run a business. Sure, you can learn things, but it takes time. Acknowledge when you don't know how to do something and then find someone who can do it. Not asking for help from people is a huge business mistake.

If you try to learn everything yourself, you will waste a lot of valuable time. Do you start slowly and make mistakes along the way? When you seek help from an expert, you can avoid mistakes and save time and money.

5. Taking too Long Time to Launch

Starting a business can be scary. You want everything to be perfect before you open for business. But never start selling just because you're worried about perfection.

Persistent pressure on perfectionism will leave your product out of the market when you want to create something you buy. The more you wait to start selling, you go without money.

When you start your own business for the first time, it is common to sell something that is not right. Once you launch your business, you can start tweeting to improve your product. And I hope you get customer feedback based on your changes.

6. Ignoring Marketing

You are proud of your business idea, but do not let yourself think that your idea is so good that people will flock to you. You have to work to reach your customers. Every business needs marketing. Without marketing, no one will know that you exist.

Try several types of marketing to find out what works best for your business. Use flyers, mail, and billboards. Start social media marketing with one or multiple accounts. Create a website and you will have an email subscription so you can do email marketing. Find out where your potential customers are, and go to them. Market them and attract them to your business.

7. Neglecting Yourself

So far, all of these business mistakes are central to your business. It's all about you as a new business owner you need to make time for yourself. You should relax and refresh regularly. If not, you will be burned.

I know how hard it can be to take time out of your child's business. You do not need to take an extended vacation, but you need to set a day or even a few hours’ drive from your business. I spent time with family and friends. It's wrong not to take care of yourself. If you are tired, overworked or sick, your business opportunity will not stand.