When just starting up your business, it is not uncommon for mistakes to be made, especially if this is your first company. After all, you are on somewhat of a learning adventure. If you make a mistake, you simply need to acknowledge where you have gone wrong and do your best to rectify the problem. Nevertheless, there are some common start-up errors that can cause huge problems for your business. These are the types of problems that you really need to try and avoid altogether. With that being said, read on to discover some of the common start-up errors that could kill your business.
Selecting an unsuitable investor
You may discover a decrease in your cash reserves once your business begins to gain some traction. When in growth mode, you may need to find a loan or raise outside capital. There is one important rule to keep in mind, and this is the fact that not all cash is equal. There are a whole range of different types of loans available and other ways to raise funds and all have advantages and disadvantages so scrutinise all potential deals to make sure they are 100 per cent suitable for your situation.
Choosing the wrong premises
For some businesses it is essential to have a certain type of premises in the right location. For instance a high-end retail outlet is unlikely to be successful on an industrial estate, similarly the clients of a high value services company would expect to be able to visit suitable upmarket offices. But many businesses do not require these sorts of expensive premises and could save money by using self-storage units instead of expensive warehouses or be based in a business hub rather than committing to a long term rental of dedicated office space. There will be plenty of time for smart locations once your business is a success so don’t waste money now where you don’t need to.
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It is always a good idea to team up with other companies that are related to the services you provide, however, are not a direct competitor. You can then discuss and share experiences of sales training courses for your sales team for example. Or you can embark on joint projects together, from promotional giveaways to special events. This means twice as much notice, as you are going to be introduced to all of the other company’s customers, which are no doubt going to be interested in what you have to provide.
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