31/05/2020
5 mistakes start-up Businesses Make
Amongst other mistakes, here are 5 popular mistakes I have noticed most start ups and small businesses make. By small businesses and startups, I mean people going into personal businesses like selling clothes, accessories, hair, hair products, weight loss products, fashion business, online sales, small scale productions, packaging and repackaging business and so on.
1. Not keeping records
Most small businesses don’t keep records. Records of cost of production, cost of purchases, cost of logistics, selling prices, expected profit, cost of promoting business, data used for online promotion etc. Basically your profit and loss account and your daily purchases and sales book. Aside from keeping you focused on the realities of the business, these books help you know which direction your business is heading, rather than waiting till you suddenly realize you have spent your capital while trying to accommodate friends in your sales. It also helps you predict the future of your business and let’s you know when you need to expand the business or cut your losses. Lastly, these records could also be used to negotiate loans with banks in case you want to expand the business.
2. Thinking you can do it all alone
From my time analysis (read the text), going into business alone is a recipe for failure...
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Amongst other mistakes, here are 5 popular mistakes I have noticed most start ups and small businesses make.