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Common Mistakes In Starting A Business

 

Download: Checklist to Avoid Pitfalls

Most common mistakes made in opening a business:
your checklist to avoid pitfalls.


  • Haste: slow down and prepare yourself for success
  • Lack of focus: specialize, specialize, specialize
  • Lack of on-the-job experience
  • Inadequate research and testing: test your market first
  • Lack of a well thought-out, written business plan
  • Lack of working capital
  • Unprofessional decor, theme, logo, stationery, attire, packaging, ads and Web site
  • Not opening quietly to work out the shortcomings
  • Poor signs: make them big, clear and readable - simple is good
  • Untrained staff
  • Poor relationship with vendors
  • Unfocused marketing plan
  • Not using the advertising media that works best for your specific business
  • Skimping on insurance
  • Ignoring possible problems
  • Not recognizing your limitations

Suggested Activities

  • Develop an email and mailing list before your start.
  • Watch for growth possibilities and plan growth direction.
  • Join your trade association and subscribe to trade magazines (stay current).
  • Continue to review, develop and update your business plan, stating how you will market your product or service.
  • Continue to develop your budget, including proposed expenses for displays, signs, advertising, promotions and online marketing.
  • Begin a file for merchandising and marketing ideas.
  • Take seminars and classes. Use MOBI resources.
  • Read current trade magazines, papers and books. Attend openings and promotions of businesses like yours.
  • Develop and maintain an employee handbook.
  • Talk to anyone and everyone in your field and collect business cards.
  • Prepare a plan for growth possibilities.
  • List potential problems and possible solutions.
  • Become personally involved in selling your product or service.
  • Keep your skills and knowledge current.
  • Keep a journal to record your business experiences.
MOBI Spark

 

Download: Checklist to Avoid Pitfalls