Common Mistakes First-Time Business Owners Make

February 25, 2019by Lilah Olsher0

In this day and age, becoming an entrepreneur and owning your own business is becoming more and more enticing. And why wouldn’t it? Make your own hours, be your own boss. As tempting and rewarding as being a business owner might be, it also requires loads of hard work and excellent time management skills.

The truth of the matter is, not everyone is cut out to run his or her own business. If you really do want to make it on your own, then it’s important to be aware of these common mistakes unsuccessful business owners make which ultimately brings them to failure.

Mistake #1: Not asking the advice of successful business owners

Although it may be tempting to try and make it on your own, you would be doing yourself a huge disservice if you aren’t looking around to see where others have failed in their own businesses. Not everyone has access to a close friend who can mentor you in the art of starting a business, but there is an infinite number of resources you can look into for insight. Many business owners have published books and lectures on tips and tricks for running a business. Maybe you even have a few friends who are willing to talk with you about some of the things they wished they’d known before diving in. Either way, it’s always a good idea to look to others and try to learn from their mistakes.

Mistake #2: Not having a solid growth projection for the future

Sometimes it’s hard to see the big picture of a business, especially when you’re just starting out. However, if you don’t have at least an idea of your goals for the next few months, 5 years, decade, etc. you could be setting yourself up to stay small. A good entrepreneur has a timeline of small goals and big milestones. These not only help to propel the business forward, but they also keep everything organized in order to grow in a smart way.

Mistake #3: Not having the proper funds to do the job and do it well

Unsurprisingly, it’s impossible to get your business up and running without a chunk of cash. However, even if you don’t have a big sum of money to utilize for starting your business, there are ways to get funded. A small business loan can be your golden ticket to having the funds to get everything started. For example, equipment financing is an option for business owners who need to make a bulk purchase of materials and/or tools to get their project rolling.

While it may be a little scary to get started, being your own boss really does have its perks, and the feeling of pride and freedom that it gives you is second to none. Make sure to have a solid plan, be ready to work hard and learn a lot, and avoid the common mistakes listed above, and you’ll be well on your way!

Ready to take your business to the next level? Find out more about the right small business loan for you with Onebox Funding, here.

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