If you’ve ever thought of starting your own business, you’ve probably considered all of the risk factors involved. What if you could learn the biggest mistakes you should avoid, before you even make them?
First things first: Why are you starting your business? What need or niche can it fill that countless others before it haven’t? You’re going to have to have a firm plan in place, one that you can properly convey to anyone who might need to know. This includes banks. The approval process for funds is even more difficult now that it was in the past.
Many people might think it’s bad luck to ask someone to sign a prenup before you marry them, while other people think it’s smart. In business, it’s much the same. It might seem like you’re putting your negative foot forward by contemplating the failure of your business before it starts, but having an extra strategy from the beginning is actually one of the best things you can do. The moment you realize your business is unsalvageable, the stress begins to pour in. Having a clear head prior to that will put you on a better path should that ever happen.
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