3 mistakes I made when I started my company that I’ll never make again

Posted by Bobby Morris on August 31st, 2018 — Posted in Perth News

So you want to become an entrepreneur and manage your own company. Perhaps, you’ve noticed that you have business idea that there’s a way to find a way to fill a void in your local marketplace. Or, you’re really knowledgeable and passionate about something.

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Mistakes When Starting a Business

Starting a business is not easy. It requires a lot of time, effort and resources. What’s worse is that no matter how hard some new entrepreneurs work, many still end up failing. However, those who become successful businesses have realised that the rewards are worth the challenges and obstacles they faced on their road to success.

Spending a lot of time, effort and resources is not enough when you start your own business; they will not guarantee success. If you’re thinking about starting a new business, you probably already have an idea on what product or service to sell. However, you still need to study the industry you are about to enter. Do some research on the leaders in the industry and learn what those brands are doing, and figure out how you can do it better. If you think your business can deliver something other companies don’t, you are now ready.

Once you have come up with an idea and some strategies, don’t forget to write a business plan. One common mistakes new business owners make is that they ignore writing a business plan. They don’t know how important writing business plan is and they also don’t know that failing to do so can also result to failure of the business. It is important for your new business to conduct thorough market research on your field. You also need to get the demographics of potential clientele because it is an important part of crafting a business plan.

In most industries, there’s a thin line between the success and failure of a business so it is really important to prevent doing certain mistakes as much as possible. Here are some business mistakes that you should be avoiding; read the full article: https://www.businessinsider.com.au/mistakes-i-made-when-i-started-my-company-2018-8