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5 Common Mistakes When Starting a Business

5 Common Mistakes When Starting a Business

1. Failure to Make a Business Plan

Making a business plan will help keep everyone on the same page and aim towards the same common goals. This is also a good way to check in and highlight on milestones with your team.

2. Inadequate Financial Preparation

Many entrepreneurs neglect to count the costs or underestimate just how much capital is needed to get things up and running. To avoid this be sure to plan at least 12 months out, be realistic in how you estimate your expenses and be aware that some hiccups or unexpected costs may arise and you need to have a good amount of cash reserves.

3. Buying Costly Assets with your Cash Flow

Planning how you’ll pay for the major purchases such as equipment, machinery or IT expenses is key. Using cash to pay outright for the big purchases instead of financing them can leave your business in a cash shortage which is not a good position to be in. Consider financing or leasing equipment to help with these costs.

4. Not Utilizing Social Media Marketing

When your presence is strong on social media it helps users recognize your business better. It also helps you stay in touch with your target audience by keeping you up to date with their likes, dislikes and interests to create a better marketing strategy and keep your business fresh.

5. Seek Help

Don’t be afraid to admit when you need some advice. Seeking an experienced mentor can help give you a different perspective from an individual with more business knowledge. They can challenge you to grow, hold you accountable and stimulate new ideas.

The most important thing to know is to learn from your mistakes and initial missteps. Remember that many thriving entrepreneurs today failed in their first attempts but came back after studying what went wrong and improve.

We have unsurpassed response times and our clients notice how simple & efficient a financing activity can be working with us. Acquiring new equipment isn’t always the easiest, but working with Brickhouse capital—we will keep your goals in mind. With over 18 years of experience and our supportive customer service we can help you with your equipment needs to grow your business. Start the conversation today