Sign in
Download Opera News App

 

 

12 Mistakes To Avoid When Starting A Business

About two months ago, the Financial Minister, Ken Ofori-Atta said that the government payroll is full and that he encouraged the youth to venture into their own businesses.

However establishing your own business need advice from experience people. Below are some ways.

New entrepreneurs can learn from these mistakes.

1. Never trust any attendant to the extent of leaving your business in their hands: If you’re unavailable, close the shop. 

2. Don’t start a business with DEBT FINANCING: don’t borrow to start a fresh business. Interest rates can kill the business. Or never take a loan with interest more than your profits to start a business you are not sure of its continuity.

3. Pay attention to your instincts most: Not all advice from people is potent. Some will kill your dreams.

4. Be consistent and disciplined: Don’t give room for too much excesses. Make sure to create other streams of income aside ur business

5. Check how you price your goods and services: It may scare customers away or bring them in to run your business down.

6. Bad debts mostly come from people you think you can trust: They won't pay so treat everyone as a customer no matter how long you've known them else familiarity would run your business down

7. Most business owners do not pay themselves: Ask them "how much is your salary" and l they would have no answer for you. You know why? They EAT the entire income as their salary! That is a serious business killer.

8. Do not sell on credit: Payment should always validate order! Whoever they are, let them pay first! Selling on credit will slow down your business and eventually collapse it ! Be wise.

9.Treat your business as a seperate entity from your personal activities: Never allow relatives to run your finances.

10. Don't mix business with pleasure: Save before you spend. and make connections with people within your business space who are making it.

11. Take good care of yourself: Get some rest if you have to,else you will use all your profits to take care of your health.

12. Set targets and make sure you achieve them within your set time or get close to achieving your target.Every business comes with a risk. The HIGHER the risk, the HIGHER the returns.

Content created and supplied by: Currentworldnews (via Opera News )

DEBT Ken Ofori-Atta

COMMENTS

Load app to read more comments