1. Starting a business without a vision
The people who rush into business without the right ‘Why’ are the people who usually fail in business within the first 3 years.
Those who have a real vision of where they are heading and want they want to be are the ones who usually reap the rewards. Always have a real purpose for your business, set realistic goals and keep moving towards your dreams!
2. Not fully understanding the market
It’s essential to understand the type of person that will be interested in your product or service. Without this understanding you can run your business into the ground by simply trying to sell to the wrong type of customer.
Take time to research what your target market is looking for. If you listen to their problems, you can better find the solution.
3. Not keeping records or managing accounts properly
The number one reason why people fail in business is because of cash flow problems. Always keep a close eye on where the money is going and if you don’t feel you are capable of this hire an accountant. They can save you much more money than they cost!