It’s fairly common knowledge that fifty percent of start-up businesses fail in the first year and 95 percent fail within the first five years but despite the economic downturn, the small and medium business market continues to grow.
While no one knows for sure if a business will succeed or fail – you can take steps in order to help your business get off to the absolute best start.
We’ve put together a list of the top 10 mistakes made by start-up businesses…
Building something nobody wants
Are you sure there are really is a market and demand for both your business and products?
Hiring poorly
Do you really have the right team to help make your business succeed?
Lack of focus
You think you have a great business idea but are you spending your time effectively
Struggling with your sales and marketing
Do you have a well constructed marketing plan? Is your sales team (even if it's just you) fully supported?
No having the right co-founders
Are all the business co-founders working to drive the business in the right direction? are you working as a team?
Chasing after investors, not customers
Is you time better spent serving your customers?
Not making sure you have enough money
Do you have your finger on the figures? DSo you really understand your business cash-flow
Spending too much money
Do you feel like you are spending too much....but not making enough?
Failing to ask for help
Do you know the right people of team to turn to for help with your business?
Ignoring social media for your business
Do you know how to effectively use social media for your business?