{"id":11126,"date":"2023-11-28T20:31:10","date_gmt":"2023-11-28T20:31:10","guid":{"rendered":"https:\/\/www.qualitycompanyformations.co.uk\/blog\/?p=11126"},"modified":"2024-03-05T09:48:39","modified_gmt":"2024-03-05T09:48:39","slug":"7-business-mistakes-to-avoid-when-starting-up","status":"publish","type":"post","link":"https:\/\/www.qualitycompanyformations.co.uk\/blog\/7-business-mistakes-to-avoid-when-starting-up\/","title":{"rendered":"7 business mistakes to avoid when starting up"},"content":{"rendered":"

Whether you are thinking about starting a business, or you\u2019ve just registered your new company, you\u2019ll want to give it the best possible chance of success. <\/span>Data indicates that <\/span>20% of businesses fail<\/span><\/a> in their first year of operating, with 60% failing within 3 years. To help ensure you don\u2019t fall at the first hurdle and join these statistics, we\u2019ve compiled a list of 7 business mistakes you must avoid when starting a business. Let\u2019s get started.<\/span><\/b><\/p>\n

1. No business plan<\/h3>\n

During the heady days of starting a business, sitting down and writing a plan can feel like a chore. Refining products, setting pricing, building a website, developing marketing emails – this is all stuff that you can sink your teeth into. But writing a business plan is not quite as appealing. However, this attitude is a mistake.<\/span><\/p>\n

New business owners often think that a business plan exists to demonstrate to an outsider (such as a bank or investor) how the business is going to operate, and whilst this is partially true, it\u2019s not the full picture. Your business plan should help you.\u00a0<\/span><\/p>\n

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It tells a story, starting with where you are now, what you\u2019d like to become, and how you’re going to do this. Essentially, it\u2019s your business bible. A well-written business plan will help you by providing clarity in regard to your:<\/span><\/p>\n