Common Business Startup Mistakes You Must Avoid at All Cost!

Statistics about business failures are quite revealing. Year in year out the reports have always been the same. If these statistics are to be believed then it’s fascinating to note that four out of five businesses fail within their first five years of doing business. Of the remaining, four out of five will fail within the next four years.

Most of these failures stem from, in most cases, faulty startups. What really is the cause of this and what is the way out? Most business advice articles and columns constantly drum it into your ears (nay mind) that the antidote for business failures is starting a business with an idea that is dear and near to your heart. In simple terms, do what you love and failure can be kept at bay!

But is this really the antidote?

Of course starting a business with an idea that you’re passionate about could give you that initial boost of enthusiasm. Also utilizing your knowledge to create a business can save you time at first. However, as you continue to sharpen and reform your strategy you soon discover that the initial boost of desire and passion begins to simmer – just like any other love affair!

So you can see that just doing what you love is not the antidote to business failures. If you want to start a business, from the business startup stage you need to think like a business entrepreneur and not like a lover.

The list of mistakes any business can make is a long one but here are the common mistakes. If you can avoid these mistakes you’ll ensure that your business is successful right from the start.

1. Not Doing Enough Research – There are so many short cuts being touted online these days. But the old saying is still true today; there is no short cut to success! Ensure that in the beginning of your business you take time to learn as much as you can about your business. Learn about your customers’ wants and what you need to succeed. Read books, look at other websites, and invest in yourself. Simply put aim to become an expert in what you want to do as a business.

2. Being Love-Blind – Don’t fall in love so much with your business idea that you think it’s simply perfect! Your business idea could be so enthralling in your eyes that you over look the important issue of profitability. So research your business idea for the market potential.

3. Not Having Enough Resources – If you jump into a business without finding people to help you are missing a great deal. Networking with other similar businesses or with friends is a great way to always have someone to call when you have a question.

4. Not Asking For Help – Many who start their business on the premise of doing what you love have the wrong idea that as much as they follow their passion things will just work out. Such a mindset will cause your business to fall apart – just like any untended love relationship! Always ask for help when you need it. Though you may be the only owner of your business, asking for help is never a bad thing. Seeking out a community of like minds and learning from them is a great secret to your success.

5. Spending Too Much Money For Startup – Many wannabe internet entrepreneurs are usually overwhelmed with the business applications online. However, note that your online business should not cost you a foot and an arm to start. It should be a fairly cheap venture when you’re first starting out. Instead of pouring in your life’s savings, start small and slowly add new and more expensive things to your home office and to your website.

Wouldn’t you rather get it right from the beginning? Would you risk your time, resources and money unsure what tomorrow holds for your business? A strong foundation is an essential factor to your business success online. Avoiding these common business startup mistakes will ensure a strong foundation for your business success.