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    Top 5 Aspects Business Owners Neglect That Could End Up Costing Them

    by Kevin in Business Aug 30, 2012 EDT

    If you ask the average nine-to-five worker where they would like to be in five or ten years you’d probably hear quite of few of them say that they would love to start their own business. Being your own boss is great, but there are many pitfalls along the way that can bring your dreams to a grinding halt very quickly. Oddly enough, many of the mistakes that are made seem to occur over and over again, with new business owners seemingly unable or unwilling to learn from the mistakes that were made by those who have gone before them. Here are 5 mistakes that seem to always rear their ugly head.
     
    1. No business plan
    Operating a brick and mortar business usually means have a plan in place before you can secure any kind of financing. Online business owners seem to think that doesn’t apply to them, with many of them jumping in feet first with no real goals or strategic plan in place. You have to approach an online business in the same way that you would in the outside world, and that means developing a plan of action. Far too often these plans are ignored and their grand idea falls flat.
     
    2. Doing it alone
    It may be the fault of shady online ads encouraging newcomers to start their own business, but many people seem to believe that a new site will simply run on autopilot. It very quickly becomes apparent that the opposite is true and that there is a ton of work to be done if you want a business to succeed. That is usually much more than a single person can handle, which means that it’s a good idea to think about outsourcing some of the tasks that seem to slip through the cracks, such as your brand logo or website design. Those little cracks can soon turn into gaping holes that will suck in potential earnings.’
     
    3. Losing balance in your life
    When business owners think about mistakes that could cost them, they usually think in terms of finances, but the reality is that your personal life can end up being the price that is paid. This goes back to number two on this list with business owners often trying to go it alone at the expense of their family life. Make sure to get help, which will allow you the time to focus on your business and personal life. Bouncing ideas off others and brainstorming will help you think outside the box and create momentum for your business.
     
    4. Becoming complacent
    Having a plan and making goals is a great idea, but those are not things that should remain stagnant. Simply becoming happy with the money you are making will mean that your business will plateau, allowing competitors to pass you by while you rest on your laurels. Expect to always be forward thinking and have goals that exceed three to five years into the future. This leads us nicely to the final item on the list.
     
    5. Search for new ideas
    The businesses that do well and continue to grow are those that are always looking to improve the products and services that they offer. This is another good reason to have some outside help to keep an eye on the competition and brainstorm so that you can stay ahead of them all. Failure to do so will simply mean that they will end up taking a large chunk of money that you are allowing to pass you by.

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