Common mistakes when starting a small business

Starting a small business can be a complicated process. It can seem that you have lists that go on for pages and tasks that never seem to end. However, even with all of the demands on your time and energy it is crucial that prospective small business owners put their business together as carefully as possible. If you are a starting a small business there are some common mistakes that you want to avoid making. Staying away from these mistakes will not only make the process of starting your small business go smoother it will help establish your business on a better foundation. Here are some common mistakes when starting a small business-

- Not fully committing-The reality is that starting a small business is a full time commitment. If you are not prepared to spend a lot of time putting together your small business then chances are you will either give up before it happens or your small business will suffer. It is important to realize that that while owning a small business may give you both increased money and more time on your hands that most likely won't happen until much later. You need to carefully consider whether or not you are prepared to sacrifice on many different levels in order to get your small business up and running.
- Doing everything yourself-Many small businesses start out with only one employee-the owner. However, even if you are going to be the only one working in your small business for the time being that doesn't mean that you have to do it all alone. It is important that you seek professional help for many of the tasks that you will need to do before you even open the doors to your small business. Take the time to work with a business planner, choose a banker that works with small businesses, and consult with your attorney. Working with people who have done this before will give you the opportunity to use their knowledge and experience to benefit your small business. Finally, don't be afraid to consult with other small business owners and benefit from their experience, as well.
- Spending too little or to much-It is important that you spend the right amount of money while you are setting up your small business. Business experts stress that while you should be frugal in what you spend you will have to spend money in order to get the right resources or your small business may not survive. It is also important to keep in mind that most likely you will need to invest at least some of your own money in your new small business. However, conversely you should be careful about overspending. You don't want to open your small business while carrying to much debt. Keep in mind that your small business may not be profitable for quite some time. You will need to carefully prioritize what you need to spend money on.
- Not knowing who your customer is-All to often small business owners make the mistake of thinking that everyone will want their fabulous product or service. This is simply not true. One of the first things that you should understand is that while not everyone will want your product or service there will be a segment of the population that will be more likely to buy it. These are the people that you need to find. You need to take the time to do enough market research to clearly identify your target market and determine the best way to market to them. Once you have this information you can then put together a marketing plan that will attract your potential customers and have them running to buy from your new small business.