To Avoid Mistakes When Starting a New Business

To Avoid Mistakes When Starting a New Business Support Vision Creativitu Solution Not Researching Your Target Market DAIA You need to know their habits and behavior as consumers.The more you know about the people you want as your clients, the more focused and cost-effective your marketing plan will be. MARKET Sketchy Business Plan RESEARCH A business plan is a formal statement of business goals,Starting without a solid and responsible plan is delusiona. BUSINESS STRATEGY business ANALYSIS Expecting Immediate Profit New businesses usually take two years to become profitable. Make sure you have enough capital to carry you through, because in the beginning you will mostly be spending money, not making it. Not Focusing on the Customer Today's economy is very people-driven. You need to focus on offering solutions and on your customers' best interest – that is where your real profit lies. CUST MER CUS Relying on Your Own Legal and Accounting Skills Bottom line is, if you do not have years of experience practicing business law and keeping books, you probably should not trust yourself with something so critical as your own business. Trusting Verbal Agreements Having friendly relationships with service providers is terrific. Still, when money is involved, you need to have a written agreement to secure your interests. WESRCH www.wesrch.com ARGET PLANNING FINANCIAL DEVELOPMENT