Start-up funds – Not putting aside enough funds to adequately start your new business. You should have at least six months of savings or a year at best. Start-up costs usually come in higher than anticipated.
Improper Budgeting – Not budgeting the true costs (expenses) to run your new business until adequate revenue (sales and actual deposits) come in.
Lack of impulse control or improper spending – Stop overspending on the wrong things. You don’t need that flashy new car right now or that new super expensive piece of equipment. You can easily get a used one for the time being and save your money.
Building an experienced team – Look into hiring the experts in the fields in different areas of expertise that especially in the areas where your lack as a business owner.
Control issues – Thinking you can do it all by yourself.
The wrong purpose of why you are going into business – Thinking you will get rich doing this – it takes years of commitment, slow progress makes the grade for success.
Being a weak leader – You must show strength but also compassion.
Marketing – Lacks a clear marketing strategy. Create a plan to promote your business.
Not performing due diligence – Take time to study your competition – What is the market out there? Is my product readily available already, is my product or service better than others?