We all make mistakes. All businesses make mistakes. Whether you are a national company, local franchise, or a start-up, you are bound to make a few mistakes as you grow your business. The key is to minimize these mistakes and limit them to small and less impactful errors rather than huge oversights that could put your business in jeopardy.
“There are many elements that make a good business plan. It often takes time, patience and many revisions before you get it right. Unfortunately, when rushing to get your funding in place and launch your business, your plan can get neglected,” says Rab Kooner on Small Business BC.
Here’s a list of six common mistakes made by new businesses, and some tips for avoiding them:
1. Unrealistic Financial Projections
While most small business owners dream of hitting it big with a product or being a go-to spot in their city,