Common mistakes when starting up - and how to avoid them

Introduction

Launching a small business can be risky and success is not always guaranteed. Businesses are most vulnerable to failure during the early years of trading, with 20 per cent of new businesses folding within their first year and 50 per cent within their first three years.

These figures should not scare you off, but should prepare you for some of the challenges entrepreneurs face when starting a business. With hard work and an awareness of the issues, a new business can be a great success.

This guide looks at the most common mistakes new business owners make and, more importantly, how you can avoid them. It also shows you how to improve the chances of your business idea succeeding.

Subjects covered in this guide

• Introduction
• Poor or inadequate market research
• Weak financial planning
• Setting sights too high
• Taking your eye off the competition
• Poor supplier and customer controls
• Poor stock and asset management
• Hiring the wrong people

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