Top Ten Pitfalls of Starting a Small Business
The statistics may not be on your side…three out of four business start ups won’t get off the ground, and about half of those that do get open – will close within 12 months. It is important to understand the reasons small businesses don’t work, so you can avoid the pitfalls.
Here are the top ten reasons a start up business will fail:
- Poor planning
- People problems
- Missing skill set, qualifications, or experience
- No market research done
- No clear marketing plan
- Not enough working capitol
- Not understanding and addressing legal issues
- Ignoring risks and not getting insurance
- Ignoring relevant advice and not taking support
- Ignoring your own limitations
So, now you have a list of the top ten pitfalls for starting a small business. Over the next ten weeks we will address these pitfalls and how you can avoid these mistakes and actually add them to your planning.