Common mistakes to avoid in business

[cherry123]

There are mistakes we need to avoid when starting a business. one of such is not looking out for our competitors and trying to be ahead of them. What other mistakes should one avoid in business?

 

[Mikky]

Not making more research about the business before starting it up.

 

[cherry123]

Not making more research about the business before starting it up.

Yesh this is one mistake a lit of starters make. They just jump into a business without researching to find out.

 

[Mikky]

Yesh this is one mistake a lit of starters make. They just jump into a business without researching to find out.

And that has lead to a sudden collapse of the business. Quite pathetic.

 

[cherry123]

And that has lead to a sudden collapse of the business. Quite pathetic.

The business will surely fail, because one that fail to plan is already planning to fail and that's the truth.

 

[Mikky]

And not having a stable back up funds in case of some unexpected turns.

 

[Stardom22]

The other one which I find to be more crucial is that never ever take a bank loan to start a business. You rather start a business with a capital from your savings then boost the business with a loan.

 

[Edulady]

Another one is to avoid looking for fast cash when it comes to business. And also avoid hiring family in a buisness, always ends bad

 

[Mikky]

Another one is to avoid looking for fast cash when it comes to business. And also avoid hiring family in a buisness, always ends bad

And ensure to employ trustworthy staffs it matters.

 

[Shavkat]

As I had mentioned with some related topics, it needs to conduct a feasibility study first and do it annually.

 

[Mikky]

As I had mentioned with some related topics, it needs to conduct a feasibility study first and do it annually.

If possible regularly

 

[Shavkat]

If possible regularly

I agree. I am sure it would be a great help for the company to do this.

 

[gammarays]

Avoid making unnecessary expenses in your business as they'll eat up your profit. Also keep some back up funds to save your business in difficult periods.

 

[Mikky]

Avoid making unnecessary expenses in your business as they'll eat up your profit. Also keep some back up funds to save your business in difficult periods.

I like that point of having backup funds in case of the unexpected

 

[gammarays]

I like that point of having backup funds in case of the unexpected

You're very correct. We don't pray for bad times but we can't escape them when they're around that's why it's good to save for rainy days.

 

[Starmix]

Booking, shipping, and loading may sometimes be the source of mistakes in a particular business.

 

[Mikky]

Booking, shipping, and loading may sometimes be the source of mistakes in a particular business.

Why do you think those might be a source of mistake?

 

[eldavis]

One mistake most business owners usually make is to add other services to what they originally offer. Though this can be seen as growing the business but most business owners do this just to get the upper hand, without actually having any understanding of how to run these new services along with the old ones.

 

[Mikky]

One mistake most business owners usually make is to add other services to what they originally offer. Though this can be seen as growing the business but most business owners do this just to get the upper hand, without actually having any understanding of how to run these new services along with the old ones.

Exactly, many business owners add services which aren't compatible with the old one and that will lead to an imbalance which might precede the business fall.

 

[eldavis]

Exactly, many business owners add services which aren't compatible with the old one and that will lead to an imbalance which might precede the business fall.

You got my point perfectly well, there are certain times where these new services might actually be compatible with the old ones but they do not have the experience or man power to handle both at that very moment, they end up loosing all.