Top Ten Pitfalls of Starting a Small Business

22/06/2012

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:

  1. Poor planning
  2. People problems
  3. Missing skill set, qualifications, or experience
  4. No market research done
  5. No clear marketing plan
  6. Not enough working capitol
  7. Not understanding and addressing legal issues
  8. Ignoring risks and not getting insurance
  9. Ignoring relevant advice and not taking support
  10. 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.

Posted by
teresa
in
Business planning
Starting-up