Sonia Minasian 

Have a Business Plan

It may have been said, and said over again, but perhaps the most common mistake made among would-be entrepreneurs is omitting this crucial step. Though they may be difficult to fill out or take some time, they will ultimately save you time. Business plan templates are available for free online, too.  You can find many useful ones online including this one.

Have a business partner

Often overlooked, having a partner is an aspect of entrepreneurship that can be greatly undervalued. A partner who shares your passion is not only a friend and counterpart but someone off whom you can bounce ideas and more importantly, generate new ones. A business partner can also keep you motivated in the face of obstacles, which are likely to surface and challenge your tenacity, especially in the beginning. In short, a business partner will halve the hardship and double the fun of any small business endeavor.

Consider a home based business

Although drawing up your business plan takes work, don’t let it fool you into the assumption that entrepreneurship need to be complicated. Consider starting a home-based small business, as this can take a lot of the guesswork out of the small business equation. Use your skills and talents to your advantage. Play the piano? Offer music lessons. Accounting, interior design, technical writing, translation, catering, rental and bed and breakfast services are also reliable bets. Everyone can do something well. The key is simply to harness this ability and exploit it to your advantage.

Advertise

Being on the lookout for all available forms of advertisement is crucial when you are starting out. You may well be offering a terrific service or product, but if nobody knows about it, it’s not worth much. Here it is important above all to know who your customer is. Posting flyers haphazardly in large quantities may seem appealing, but oftentimes it is wiser to be selective. If you are looking for clients for your tutoring business, for instance, put up flyers at a school, but skip the supermarket and the local sports arena. Finally, do not neglect to harness the power of the internet. It is a very effective and low-cost—often free—way of putting yourself out there. Creating a web page for your product or service is a good place to start. Google’s Page Creator program lets you easily create websites without any technical html or graphic design knowledge, and hosting is free!

Network and Learn from The mistakes of others

Networking with other ambitious self-starters will provide you with valuable feedback as to what you could improve in your business methodology. You will especially gain wisdom by learning not to make otherwise avoidable business start-up mistakes. A common pitfall among eager entrepreneurs pursuing their passions, for instance, is to quit their day jobs too early, and too confidently. This brazen move may well allow you to concentrate fully on your small business, but it also leaves you liable to burnout and bankruptcy. This is why it’s often a better move to stay employed until your profits exceed your expenses consistently for a period of time. Being realistic in your expectations– specifically during first 18 months, which are likely to be more about work than reward—will make you more likely to stay motivating and successfully start your small business.