5 MISTAKES TO AVOID WHEN STARTING YOUR OWN BUSINESS

Many of us dream of our own start-up. Research has shown that 90%of all new businesses fail within the first year. Here are 5 common mistakes to avoid if you do not want your business to fail within a year of setting it up.

1: Try as much as possible not to goit alone. As they say, two heads are always better than one. Research has shown that a start-up with two or more founders is always likely to succeed than start-ups with a single founder.

2: Presence is very important to any business. It is wise to be visible to your target market either physically through alternative mediums. Startups actually need higher levels of visibility than existing businesses. If your target market is not aware of your existence,

3. Money is the blood on which a business runs and remains in business. No matter how strong your business idea, if you do not have enough money to stay in business in the short run, then you will be dead in the long run. So, ensure that your startup has enough capital to stay up until the revenues start coming in.

4: Define your target market right from the start. You should not be in business if you do not already know who you are going to sell your products or services. It is not enough to know your target market, understand and know the best medium and approach to reach them

  

5: Keep your running costs low. You should not allow your ambition and desire to succeed drive up your costs early. Be slow to add expense items but be quick to take advantage of opportunities to earn extra revenue

READ MORE :HOW TO MANAGE YOUR MONEY