Thursday, August 5, 2010

Avoiding Common Home-Business Mistakes**

The common adage, “Fail forward to succeed,” certainly applies to entrepreneurs. Statistics demonstrate the average entrepreneur attempts three (or more) business ventures before one succeeds. However, you CAN learn from the mistakes of others. Here are several, common business mistakes you will want to avoid:

MISTAKE: Not following standard business procedures and ethics: All industries have dos and don’ts as to how to conduct oneself in business with others in your industry and with customers. No matter what your venture is, be sure to follow the recommendations and any rules and regulations that are followed and practiced. If not, your reputation in your field could be damaged and-or you could be fined.

MISTAKE: Not keeping your family and business matters separate. Have separate bank accounts, business records, and spaces for your personal matters and your business ones. Starting a venture is difficult but it will be even more so, if you do not keep your finances and business activities apart from your personal life.

MISTAKE: Not having a business plan: Starting and running a venture without a business plan is like building a house without blueprints. You may get it built, but the foundation may not support it for long. Writing a plan for your business enables you to figure how to finance your venture; set your goals; and determine if a potential market exists so you will be profitable.

**More common business mistakes to avoid are in my book, "Make Your Business Survive and Thrive! 100+ Marketing Methods to Help You Beat the Odds and Build a Successful Small or Home-Based Enterprise" (Wiley)

Next: Success Secret # 3: Know How to Overcome Common Obstacles to Entrepreneurship

No comments:

Post a Comment