Partner Logo
Home  > Start Up Business Errors
 Share  Print Version  Email

Start Up Business Errors

Simple Alliance, Kenya Limited

Start-Up Business Excitement

At the opening phase of your start up business, you are likely to be filled with excitement. You will perhaps be rearing to go with regard to handling emerging challenges. While starting a business, your desire for success could as well be a factor that greatly stimulates you during this phase.

The Mistake Dilemma

Despite your great vision for your start-up business, you are very likely commit certain errors.  Some common mistakes you could find yourself committing as you start up a business include:  

  • Failing to study the target market
  • Overspending on business space and adornments
  • Over depending on your lawyer
  • Hasty business registration 

Failing to Study your Target Market

Although frequent ignored, market research before launching your business is essential. This research helps you establish whether your target clients would purchase your wares. Sample an optimum number of your target customers. Some important questions to pose during market research include: 

  • Where your target customers currently obtain their products or services from
  • Target consumers’ dislike or liking for their current suppliers
  • Where target customers would search for your merchandise
  • Whether current consumers would purchase your merchandise  
  • How much target customers could pay for your services or products

Speedy Registration

Many start-up business owners feel the urge to register their ventures as early as possible.  This rush could however prove to be counterproductive as certain aspects of your start-up business are likely to change soon after opening. Within the initial few months of opening, the following elements could change:

  • Your business’ name
  • Your business concept   

Overdependence on Your Lawyer

As a start-up business owner, you could find yourself delegating many business operation tasks to your lawyer. The downside is usually huge legal bills at the start-up phase.  To avoid shocking legal bills, you need to:

  • Conduct your legal research
  • Draft your documents
  • Only involve your lawyer in fine-tuning your business documents

Extravagance Regarding Business Space and Adornments

Overly expensive office facilities and accessories could give you the illusion that you are now successful in business. While nice office surroundings are up building, you need to take care.  Many start-up businesses go down owing to over expenditure on office space and allied elements.      

Avoiding Start-up Mistakes

You could take a number of measures so as to evade errors during start-up. Some recommended small business ideas include:

  • Asking for referrals to experienced business owners from your accountant or attorney
  • Consulting recognized business owners on best practices
  • Consulting industry players at trade association meetings

Your excitement of launching a start-up business could be dampened by common start-up errors. As you launch your business, you anticipate success through effective tackling of arising challenges. These errors include; failing to study the target market, overspending on business space and adornments, over depending on your lawyer, and hasty business registration. While running start-up businesses, you could avoid these errors by following certain small business ideas. Some of these initiatives include: Asking for referrals to experienced business owners from your accountant or attorney, Consulting recognized business owners on best practices, and consulting industry players at trade association meetings. The above tips will help you when starting a business.

Copyright (C) 2016, Simple Alliance Kenya Limited

 Share  Print Version  Email
Comments &Ratings (0)
If you are a human, do not fill in this field.
Click stars to rate.
   Comments are truncated at 1000 characters