Pitfalls to avoid when starting a new business

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  1. The Real Tomato profile image63
    The Real Tomatoposted 9 years ago

    Pitfalls to avoid when starting a new business

  2. alekhouse profile image84
    alekhouseposted 9 years ago

    After being in business for 15 years, I can now look back and, with a more realistic perspective, see what I did wrong or could have done better when starting my up my bed and breakfast.

    First of all, I should have known more about the type of business I was getting into. I had a very romantic notion of what a bed and breakfast was, although I did do a lot of reading on what was available on the subject.

    But, it's what I didn't do that may have made a difference. I did not, but should have: 1. scoped out B&Bs on the internet, 2. talked at length to B&B owners 3. spent the night in several different kinds of B&Bs and 4. gone to a major industry conference or two. 5. found a seasoned B&B owner to me my mentor.

    Secondly, I should have talked to a lawyer about the business aspects involved. And, I should have had a business plan.

    Thirdly, I should have investigated all the zoning laws, historic, city, health and fire regulations.

    Finally, I should have had more money at the onset. Or, at least, sat down with someone knowledgeable about the business and discussed the initial costs involved.

    To be perfectly honest, I am a risk taker and, if I had done all of the above, I probably wouldn't have gone into business at all. However, my business turned out to be very successful and I attribute that to pure blood, seat and tears.

  3. oderog profile image43
    oderogposted 9 years ago

    focus, business plan, marketing plan these are some of the things you must have, check on my common small business start up mistakes

  4. profile image48
    mitnexusposted 8 years ago

    as an entrepreneur who has successfully started two small businesses of my own and a few for other people.i have had seen a number of pitfalls that can destroy any business; big or small. here are a few as outlined in my hub http://hubpages.com/hub/smart-small-business

    •    Giving room to frustration:

    •    Being afraid to delegate:

    •    Not separating company’s account from owners account:

    •    Resenting criticisms:

    •    Keeping your plans to yourself:

    •    Relying on one source of funding:

    •    Improper financial record keeping:

  5. Wilsonsorin2011 profile image55
    Wilsonsorin2011posted 6 years ago

    https://usercontent1.hubstatic.com/5885048_f260.jpg

    Frankly, I'm a host of risk and, if I had you during all the above, it has been running businesses in all. My business was very successful and pure blood, sweat and seat.
    http://www.bencraig.co.uk/

 
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