When you start your business, make sure you go through this set of checklists.
Ignoring these pointers could prove to be a costly mistake that could make your business sink instead of swim.
Some of the common mistakes that people make when they get into a business......
making a business plan. A business plan, even a simple one is worth the time it takes to write because it can help give you a `road
map` or `blueprint` to follow.
Not test marketing to see if your business product or service is in
Not having the background, training, and/or experience to start your business. Assess the
skills and experience you presently have to check if you have the knowledge and skills required by your new business. If you need to
acquire more skills, enroll in courses or take up a job in the industry to get first-hand experience.
Inadequate marketing. Marketing is a daily task, Without it, your business will stagnate.
Lack of professionalism. Just because you work from home, does not mean your promotional materials, business letters,
or how you conduct your business should be haphazard.
Lack of focus. From your business plan, you
should devise specific goals - short-and long-range-on which you can concentrate your efforts rather than wasting time and money on
markets neither interested nor in need of the products and /or services of your business.
money management. You need to balance your expenses and income. This is to make sure that you are operating as efficiently as
possible and spending wisely to promote your business and keep it growing. Consult a Chartered Accountant regularly to set financial
goals and parameters.
Lack of `passion!` You will have to absolutely love your work because it will
become an integral part of your life, taking up more hours than you ever imagined. Your `challenge`, will be how to `pace` or balance
your business activities with personal relationships and activities in your life.
Business experts say
the amount of time a new entrepreneur spends in researching a business idea determines his success as an entrepreneur.