Did you know 20% of small businesses fail in the first year, and 50% fail after five years?
Those aren't small numbers and there's a reason. Running a business is tough work, and there's way too much uncertainty involved in getting a business to sustainability.
Luckily you can avoid some common mistakes made by business owners, in no particular order of importance, by reading on below:
Failing to plan
We've all been taught since a young age that planning is key. This is no different when running a business and without a rock-solid business plan that can be your bible during decision-making, the chances of things going wrong are likely. Having a plan in place allows you to establish a clear vision, understand financing you'll need, and implement the right metrics to keep track of as your business grows.
Not knowing your target customer or market
Many businesses will have a solid business plan but a poor understanding of the market their in or target customer. Both are important. Be sure to get clear on your competitors, what they offer, and the total opportunity of the space your business plays in. Similarly, get crystal clear on who your target customer is that you're selling to, and what are their pain points.