First-time business owners are often drawn into the excitement of a new venture and don't think too much about possible dangers and mistakes. Before you rush into your new business, take a little bit of time and learn from some of the mistakes others have made.
Mistake No 1: Never start a business unless you have made a plan for it. This business plan has to start with the area you are planning to enter, the prospects as you know them, the funding required and legal requirements. Each step must be clearly laid down and the processes for achieving them neatly listed. It need not be a hard and fast list to be followed, and it should be changed or modified when necessary.
Mistake No 2: Research the area around you and find out for yourself the requirements in the area for the services you intend to offer. It could be that the expertise you are planning to offer is already available and competition could kill your business before it starts. See whether you can offer any specialization that is not easily available and is in demand.
Mistake No 3: Do not make the mistake of printing costly cards or brochures unless you are absolutely sure about the details of the services you are planning to offer. As this itself may undergo a change once you get off the ground, hold out on this until your business has been around for a couple of months. Also limit your advertising to the budget you have allotted to it. If funds are limited, you may even want to take advantage of free advertising opportunities.
Mistake No 4: Any expenditure that you make for setting up a website and domain name has got to be worth it. In the initial stages you may still be unsure in which path the business will eventually take, it is far better to design the website yourself or ask friends to do it for you. You can change the design and content as you go along, and once your business is firmly established you can consider asking for professional help.
Mistake No 5: Do not make the mistake of promoting your qualifications or those of your associates in too blatant a manner. What your customers will be more interested to know is the services that you are going to offer and the quality and pricing of the same. Your academic and other qualifications can be added on your letterhead or when you are signing documents. This way it is not too obvious.
Mistake No 6: See that your advertisements in local stores are made where people can connect your new business with whatever the store is selling. This way they are more likely to retain that information and come back to you when they need such services. 
Mistake No 7: No business can thrive without marketing. So your marketing efforts have to be constant and not sporadic. Set up a marketing plan and judge for yourself the marketing efforts that are getting you the best response. Concentrate on that method of marketing instead of dissipating your efforts and resources in a number of areas. Be consistent in your approach to customers and keep on reminding them of your business whenever you can.
Mistake No 8: No business will take off on day one. Do not get disheartened and become slack in your efforts to build up the business. So stay motivated and market your business at all times. Learn from any mistakes that you have made and be flexible in your approach.
Mistake No 9: Do not imitate what others are doing, unless you are sure that that is the best way to go. You must be yourself and be convinced of what you are doing and comfortable with it.
Mistake No 10: See that you have a support structure in place before you foray into business. Lack of this would place all your finances and personal assets at risk, and it may also place your family in jeopardy if your business fails to take off.
The rewards of starting a business and succeeding in it are countless. The biggest one is that you are your own boss. But this also means added responsibility and the fact that you have to succeed.
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