5 MISTAKES YOU SHOULD AVOID WHEN STARTING UP A BUSINESS.

There are some major mistakes business owners make when starting up newly, these mistakes could have an effect on the overall out turn of your business. This is an opportunity to visit them in the course of helping aspiring business owners avoid them. Mistakes cannot all overly be avoided, some are made so you can learn from them and become an experienced entrepreneur over time.
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.