Common mistakes made by entrepreneurs.
Initial Stage:
Starting a new business? Fasten your seat belts, journey towards your bright future. Most of People having unique business idea don’t have resources in terms of money and on the other hand people having much resource couldn’t find any business idea to start business. Business Idea and Working Capital are main basic elements to start an Enterprise. It is BIGGEST mistake of Startup Individuals who borrow money in terms of Loan whether on minimum interest rate or zero interest rate this should not be exercised while stating up a business.
Business Plan and Cost:
Entrepreneurs must make long term plans initially for 5 years , Location of business is very important aspect , location should be reasonable as per trade of business , initially huge place is not recommended. Do the math about Initial cost of Interior, exterior work and for monthly expenses like rents , Employees Salary , Electric and telephone bills , petty cash , and other Misc Expenditures may occur. Startup must make sure that they have minimum of 6 months working capital in terms of Cash available after setting up enterprise, 1 year Working capital is recommended.
Common mistakes made by entrepreneurs.
Marketing:
Business Services or Products must be perfect as per your clients or customer requirements. Advertise your products and services through leaflets, bill boards, social media, radio and TV commercials and easiest way to invite your close family friends and any other people in your social circle tell them about your new business. The best marketing tool for your business is to serve your client as per their requirements give them best possible customer service, satisfaction of customer will automatically advertise and grow your business.
Alternate Income and Investments:
Popular phrase: Do not put all eggs in one basket. Startup individual should invest in another business running successfully, if their own business gets down in that situation they can able to fund it from profit coming from second investment on temporary basis.