Starting New Business in 2014? Here Are Mistakes You Should Avoid

If you think 2014 is your lucky year, starting up a business may be great idea. Though it’s not an easy feat, turning your passion into a source of income is definitely conceivable. Getting your hands in the business industry will surely open different possibilities and will present different challenges along the way.

Despite the hassle that you may experience, from the planning to implementation of your business ideas, it should not stop you from fulfilling your dreams. As long as you know the rules of the industry and have the right people to help you accomplish your goals, you can start and operate your business in no time.

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To guide you in your decisions as you start your business, here are some common errors that you must veer away from to save yourself from major business catastrophe.

1. Not having a plan

There are some ideas that sprout from a drinking session with friends, or out of your desire to have a career shift. But not having a clear forecast of your financial expenditures, target market, competition as well as start-up marketing plan can make things more difficult for first time entrepreneurs.

2. Relying solely on yourself

There will be a lot of things that need to be done as you start your business that it can be a little overwhelming at times. Make sure to hire some help when installing shelves or decorating your store. If you’re using electronic open sign and other digital display in your store, trust a professional to install it for you to save yourself from extra work.

3. Expecting immediate profit

Patience and perseverance – these two are what you need most in the first few months of your venture. Yes it’s exciting to finally see money coming on your way but expecting for immediate profit is another story. Consider the first stage of your business as the planting season where you must work hard to enjoy a fruitful harvest in the years to come.

4. Getting Loans from Family and Friends

It’s a lot easier to borrow money from your family members or even from your closest friends, but this can also mean risking your relationship with them when financial problems hit your business. If you’re planning to invest in things that require bigger budget, like a LED powered open sign or indoor digital display in your store, getting loans from banks or other institutions is a better idea.

5. Trusting Verbal Agreements

The early days of your business are great opportunities to establish ethics and practices that will guide you throughout your venture. When transacting business with suppliers and manufacturers, it’s best to keep things in black and white for your security and peace of mind. Always keep a good transaction record to gain more authority and credibility in the future.

Building a good foundation means doing the right practices at the early stages of your business. Discover new possibilities and make 2014 a year to remember.