Below are some of the potential mistakes and how to avoid them.
CHOOSING
A WRONG BUSINESS NAME: many businesses start up with wrong
business names. It is important to choose a business name that is unique and
catchy and that most likely passes a message of what you do to a first time
hearer e.g ‘Golden Stitchery’. Stitches or stitchery passes a designing
message, so before advertising yourself people would have an idea of what you
do. It is also important to know if your business name is available for
business registration.
BUDGETING
ERRORS: it is ideal to have more than your exact budget
for any expenditure. It is almost understandable to be meticulous with
budgeting and it is also well known that most things are more expensive in
reality. Having at least 20% extra fund outside your budget is likely to bring
your proposed plans to reality.
REDUCING
PRICES: when starting up a business, you have to be aware
of the fact that you cannot achieve exponential turn over in a short period of
time, reducing prices is not a good approach to business. This gives rise to
overly management of resources and eventually considering reduction of quality.
This is not a good approach to a successful business. Few customers that are
willing to pay for a good quality are more reasonable to consider.
AVOIDING
BUSINESS REGISTRATIONS: this is another mistake business
owners make, they assume the process is tedious and time consuming. This is
mostly true yet this process should not be abandoned or neglected. It is
important to get the necessary approvals needed to commence your business. This
helps to avoid future problems or issues.
DWELLING
ON MISTAKES: it should be known that mistakes are
inevitable in almost every life process. It is important not to dwell on
mistakes, rather learn from them and let them make you a better entrepreneur.
Don’t let your mistakes drag you down or limit your progress. Work on them and
get better. Renowned business owners with horrible starts have found a way to
make it work out for them eventually, you can do it too.