Before you quit your current job to start your new business as a self-employed businessman, take some time to review some of the top mistakes new self employed business owners make. These certainly aren't all the costly mistakes you can make, but they are some important ones.
1. Failing to Plan. One of the biggest problems entrepreneurs fall into is failing to plan properly. A self-employed business is nothing to jump into and a business plan is a must to help you figure out all you need to do, what your financial needs are and more.
2. Passion! You're going to live this business day and night. It will consume your life. You will have days you may hate it all, but overall, you should be very passionate about this business. The more you love it, the easier it will be to do the related tasks you don't much care for.
3. Lack of Training. You should ideally have both passion and experience in the business you want to start. But if you only have the passion, get some experience before you depend on this income. You can get a part time or full time job in that field, or take classes, or do volunteer work.
4. Poor Money Management. Not handing your finances properly can kill you business and even take your personal savings and home with it if you're not careful. There are some tools and equipment you will absolutely need, but do you need to buy them brand new? Others might be nice to have, but not necessary. Hold off on those until you have enough income and business to justify the expenditure.
5. Poor Time Management. Starting a business takes lots of time on tasks you never thought about. Be sure you step away from the business at a decent hour to give yourself a break and to spend time with friends and family. It's also easy to get sidetracked on other things that don't bring in money – housework, yard work, lunch with friends, movies, etc.
6. Mistakes Happen. As much as you want to be, you won't be perfect. When customers are unhappy over a mistake you made, own up to it and do what is necessary to make it right. Mistakes are learning tools, so admit them, learn from them, and move on.
7. Check the Market. Is there really a need for your product or service, or do you just think it's really awesome? If nobody else thinks it's awesome, you're out of business.
8. Who's Your Competition? Do you have a lot of competition? If so, how can you set yourself apart? If you can set yourself apart and still stay profitable, go for it. If not, rethink your whole plan.
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