Starting your own business can be fun, exciting and sometimes immensely rewarding. It can also be a minefield waiting to destroy the unprepared entrepreneur. However, like boot camp, if you get the right training and preparation before you start your business, you’ll move confidently through that minefield and be able to look back on the experience with pride. Here are a few mines to look out for:
Not having enough capital is quite common among small businesses. Plan for what you think you’ll need, then double it. Here’s what the National Federation of Independent Business has to say about lack of capital and other pitfalls.
Additionally, a lot of small companies struggle with asking for help. You may be a great mechanic or pharmacist, but that doesn’t mean you know anything about running a business, so don’t be afraid to ask for some help. This is where a business coach can be very helpful.
Accounting issues can also cause turbulence among small business owners. It might be tempting to use money set aside to pay employment taxes for expenses, especially when times are tight, but remember you can’t afford the interest on that loan! The IRS is very unforgiving about money that should have been paid to them. Learn more about small business accounting issues here.
Remember, mistakes don’t have to break you. The short answer is: dust yourself off, own the mistake and learn from it. Here are some good tips on recovering from mistakes and ways to bounce back.
In short, don’t go it alone. A good mentor like ActionCOACH can help you navigate that minefield and you may well be on your way from a small business to a big business!