When it comes to owning a small business, there is certainly no shortage of mistakes that can be made at any time. Even worse is that many of these mistakes are rather common and can be easily avoided.
Here are some of the most common mistakes that are often made by small business owners.
*Oftentimes, small business owners will fail to deal with people. Basically, if people don't like you, then they won't want to do business with you. Learning even some of the most basic people skills is extremely important, no matter what your specific personality type is.
*Many small business owners often tend to rely on one specific key customer. This is something that can end in disaster, especially if the key customer is actually the government. This is because if a change in government or government policy occurs at any time, it could result in the end of your business as you know it. Alternatively, if a small business has a key customer that fails in any of their own business dealings, this also means that the small business itself could fail as well.
*Small business owners can also often fail to manage their overall cash flow, which can end in absolute disaster for their business operations. When it comes to operating a business of any size, cash flow is something that is absolutely vital.
*There are also times when small business owners tend to wait too long to hire anyone to help operate their business. Waiting too long to hire any help to the point where you become desperate will result in you handing the job to someone who ends up being only halfway decent at their job. This is something that will only end up hurting both you and your business.
*Many small business owners don't stop and think about starting a website for their business. This is often compared to starting a business, yet not taking the time to let anyone know about it or even putting any kind of informational signage outside of the actual business itself to let anyone know that it's there.
*Products located at the business are often underpriced. This is a mistake that results in a small business owner often not making a profit, thereby causing the business itself to fail despite the fact that there may be a decent amount of customers coming in.
*Some small business owners tend to not take the step of employing the services of an experienced accountant. This leads to them handing their books over to a simple bookkeeper. As a result, they could find themselves at risk of all sorts of cash flow issues, potential embezzlement, or other serious problems. Any small business owner should understand even the most basic steps of accounting.
*There are instances where some small business owners fail to put agreements with partnerships and clients in writing, such as an official contract that is reviewed by an attorney afterward. As a result, this can lead to major issues such as lawsuits in the event that a misunderstanding or something worse were to arise.
Starting a Business Successfully Workshop
DATE & TIME: June 27, 2019, 6:00pm CDT
Address: Ruiz Public Library
1600 Grove Blvd.
Austin, TX, 78741
What are the myths and realities of entrepreneurship? This workshop will introduce you to the world of small business and guide you to prepare for being a business owner.