3 Mistakes to Avoid When Starting a Business

More and more Australians are switching from a secure job with a salary and benefits, to becoming their own boss, and with the current level of technology, it has never been easier to set up your own registered business. If you are thinking of launching your own enterprise, here are a few common mistakes to avoid.

  • Failure to carry out market research – If you don’t do your market research, the chances are that the demand for your product or service is insufficient for you to carve out your market share. Choosing a product or service that will be the core of your business requires careful thought and sound market research to ensure that there is a high demand for what you’re offering.
  • Lack of Capital – You would be surprised at how many businesses fail within the first 6 months due to lack of funds, and it only takes a couple of unexpected expenses to find yourself in a position where you simply cannot continue to trade. Search online for unsecured business loans and you can apply and receive preapproval almost instantly, and in most cases, the funds are in your account on the same day as the application was submitted. The online lender is a much better alternative to the traditional bank, which tends to take weeks, while the online lender will give you an answer within minutes if you apply for a short-term business loan, and the funds are transferred within a day or two.
  • Lack of Organisation – If the left hand doesn’t know what the right hand is doing, things will become slack and unproductive. It is vital that you have a plan of action, know your direction and make the best use of all available resources. If you’re partnering up with someone, sit down together and draw a list of roles and responsibilities that each of you will have, and if you are good at different things, this will help. You really do need to put together a solid business plan that covers every aspect of the business, as this will be your guideline, and there are lots of free resources online to help you write your business plan, including templates where you simply add your text.

You will need a lot of patience, determination and enthusiasm, and with some solid planning and a little good fortune, your new business will enjoy steady and sustainable growth.

Post Author: Hattie Braden