The first year of start-up and running a new business can seem like a never ending roller coaster ride. Here are some common and preventable problems you may encounter.
- Bad Business Plan – A detailed business plan, on paper, will initially help you set goals and keep them on track. If you need a loan or grant to get your business up and running, a business plan is necessary. Doing it right in the beginning will save you the headache in the long run.
- Inadequate Market Research – Before committing to your business, do your research. Canada Business Ontario is a free service that will provide you with statistics and demographic information that will be very valuable in determining the level of success your business may achieve. Then throw the idea around with friends and family to get a few different points of views. Be assured that people will buy what you are selling at the location you are selling it from.
- MONEY – Never make the assumption that your business will be a success right off the bat. It generally takes six months to a year to get your business off the ground. It is common for businesses to fail in not planning for a rainy day. Plan accordingly and don’t assume you will make millions the first year.
- Selling Yourself Short – Trying to compete with big box stores or competitor pricing is a sure way to go broke. You have to charge enough to cover all your expenses. Price fairly and emphasize the quality and unique aspects of your product or service. Providing superior customer service will keep customers coming back.
- Forgetting Family – Balancing home and business life can be difficult, but always make time for family no matter how many hours you work in a day. Stress at home will add more stress to your work life. Having support from your loved ones is important.
Although you may run into a few problems starting up, being prepared is half the battle.