4 Common Mistakes Made by Small Business Start-ups by Tammy Lewis
- Lack
of Capital and Resources:
Way
too often small businesses fail before they have a starting chance due to of
lack of resources. Before starting a
business, you should always create a budget.
This should be included in your business plan. Not everyone will have enough money in their
savings to support their business start-up; however, you may try to obtain a
business loan with your local bank or credit union. The Small Business Administration also offers
small business loans with low interest rates + prime (www.sba.gov).
- Lack
of Knowledge:
Just
because you think a certain industry is glamorous doesn’t mean you have what it
takes to be successful in that industry.
I think that being an actress is way past “glam” but I know that I don’t
have the knowledge nor the skill set to make it in that type of industry. You don’t have to have an education, but you
do have to be educated about your industry.
Do your research by reading related books, taking a couple of classes or
getting a mentor that’s already doing what you desire to do. You will go a lot further in your business if
you have the required knowledge.
- Trying
to do Everything Yourself:
So
many times small business owners wear too many hats. If you are business owner, you can not also
be the Marketing Specialist, Payroll Specialist, Human Resource Manager,
Secretary and the list goes on. You must
make sure that when you are creating your job descriptions that you are not the
person fulfilling all of them. Find
qualified individuals to work in the positions needed and you do what you know
how to do. You don’t to be a “Jack of
All Trades and Master of None.” Find
that one thing at which you are “GREAT” and stick with it. And let everyone
else be great at what they do!
- Improper
Structure:
If
you don’t know how to set up your business, find a professional who does. Seek out proper council before setting up
your business to make sure that it is done properly. Make sure that you speak with a business or
tax attorney and CPA to assist in deciding which business structure would be
the best fit for you.
There
are so many resources out there to assist with start-up businesses. Community colleges are a great place to
start, as they usually have small business centers that offer “FREE” resources and seminars. The
Small Business Administration (www.sba.gov) is also a great place to go for
assistance with business start-ups. I’ve
also found that SCORE (www.score.org) is very helpful. SCORE is a non-profit organization that
offers mentorship opportunities to business owners. You are paired up with someone within the
same industry to assist with your needs.
These are usually people who are retired and have chosen to become
advisors to assist small business owners. There
is no reason that we all can’t be successful.
Follow Tammy at @iamTammyLewis and visit her website at www.iamtammylewis.com/
Comments
Post a Comment