6 mistakes that can destroy your startup .. How to avoid them?

6 mistakes that can destroy your startup .. How to avoid them?

Starting a business is as exciting as it is scary because it has many challenges and risks; Therefore, before you start your own business, you should avoid a number of mistakes that may destroy your business before you start.

In this report, which was planned by Deniz Media Network, we list for you six mistakes that may be a major cause of destroying your company can destroy your startup and how to avoid them.

• fear of failure

If the idea of ​​managing your records or complying with laws and regulations scares you, you may want to hire a tax professional or an attorney who specializes in corporate law. Remember that no one is without mistakes and troubleshooting helps you move forward and learn.

• Lack of a marketing plan for your company

If your business transactions are slow, it may be because you do not have a marketing plan in place. You will not be able to understand your target market without a marketing plan.

How can this be avoided? The author recommends creating a business plan for your company that includes a plan to market your business before starting your business

Part of this plan is to conduct a thorough market research to find out how well your business complies with market requirements and to gather data on potential customers and competitors For example, you can revamp your marketing strategies, and respond to reviews faster. Or even ask customers to fill out a survey form.

• waste of money

At the beginning of your career and setting up your company, it will be easy to spend money, you can buy equipment, rent facilities. Spending money on advertising, etc.

To avoid this, the author recommended setting a budget and sticking to it. Try to estimate the different costs of your project and identify the resources needed to implement it.

But remember that the budget is a draft and it is better to spend less than if it exceeds your budget.

• Try to do everything yourself

As an entrepreneur, you probably won’t ask for help or refuse advice from anyone. But this is a mistake because over time you get tired and lose your passion and even think about finishing the project. Instead, the author suggests seeking help and learning from the experiences of other entrepreneurs.

• Irresponsible tasks

Your high school classmate is undoubtedly a good friend, but he may not be the right employee for your company. And remember that your job requires specific needs that are met by the most qualified employee.

Before hiring employees, first review your budget to see if you can afford them Next, decide if you need a full-time or part-time employee.

Be sure to talk to your company’s accountant to dig deeper into your records. If records show that it is not yet time to hire employees, create an action plan to get to the point where you can hire an assistant. And if you are in a position to be hired, determine exactly what job the employee will do before posting the job ad.

• Not following proper bookkeeping for your company

Most entrepreneurs do not know the basics of accounting, but this is not an excuse to evade bookkeeping responsibilities. Failure to keep track of company records can lead to chaos and inaccurate tax reporting.

In this case, the author recommends hiring an accountant because only he or she can ensure that you are on the right track. It also allows you to set your budget, file a company tax return, etc.

However, you must be aware of the basics of accounting and where your money goes on a daily It also allows you to process invoices, track payments.