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Common Start-Up Mistakes That Will Cripple A Business

24 April 2017 No Comment

We’re living in an era of free money. Business loans for bright, ambitious entrepreneurs are becoming more and more accessible, and the progress of technology has meant that all you really need to start a company is some capital, a computer and an internet connection. While there have certainly been worse times to make your entrepreneurial dreams a reality, a huge proportion of modern start-ups still fail in their first year. Here are a few common start-up mistakes to avoid…

Having a Poor Business Plan

A solid business plan may just be the single most important part of laying the groundwork for any successful start-up. Your business plan needs to be a complete embodiment of your start-up, covering all of its targets, strengths, weaknesses and so on. By going in with a well-thought-out business plan, you can provide enough space for flexibility, all the while setting limits on any shaky or unrealistic ambitions. If you launch a company without a firm plan in place, you’re inevitably going to hit some major issues.

Going Cheap on Security

There’s a common misconception that small businesses don’t have to worry about cyber security all that much, and that hackers will go after larger corporations, rather than any fledgling start-ups. The fact of the matter is smaller businesses are at much more risk of a security breach, as cybercriminals know that they’re less likely to invest in tough security measures. Cyber security is more important for small businesses than ever, especially if you’re going to be using a lot of remote workers handling company data through smartphones and tablets. Seen as you can eliminate risk with Jumio’s identity verification service and similar dependable solutions, why would you give hackers any breathing room?

Marketing Less Than You Need To

While it’s certainly important to go in with a business plan in place, any entrepreneur who fails to consider their marketing strategy before their overarching business plan is going to wind up hurting themselves. There are more entrepreneurs out there than ever before, and if you don’t have a way of setting your business apart from the competition, you’re going to get swallowed up in all the chaos and noise. Be very strategic about the people you’re targeting, and the messaging you’re going to use to reach out to them.

Bankrupting Yourself

When it comes to financing your business, it may be tempting to crack into your life savings, and pump it all into making your entrepreneurial dreams a reality. You’ve already sacrificed a lot of sleep and leisure time, so money seems like the natural next thing in line, right? Actually, going all in financially is another big mistake. The idea of business is making it work for you. Maintaining a decent personal salary is essential for the wellbeing of both you and your company, so don’t bankrupt yourself just because you can. There are many better alternatives, such as reaching out to angel investors using Gust. Assess your options before you spend a penny of your own cash!

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