10 most common mistakes while planning a business

Planning Errors:
1. No Sound Business Idea: Without a sound idea, how will you develop your business plan? Without a plan, how will you develop a successful business idea?
2. No Business Plan: Your business plan is the core of your business. Without a solid business plan, there is no way that you will ever be able to turn your business into a successful operation.
3. No Market Research: Market research will determine the viability for your product or brand. If you don’t know your market, do you really know your business?
4. Poor Timing: There is a right time to start a new business, and a wrong time. If you roll out your business when the market is not ready for it, you may fail before you ever even get off the ground.
5. Poor Location: Location is everything for many businesses. Choosing your location is one of the most important decisions that you make when planning a business.
6. Poor Choice of Suppliers: The quality of the products and supplies that you offer is vital to the success of your business.
7. Underestimating the Competition: Every business and every concept has competition. If you do not recognise it, you are missing something important. Identify your competition before you launch your business.
8. Choosing the Wrong Type of Business: Sole proprietorship, partnership, LLC? Choosing the right business form is vital.
9. Failing to Seek Advice: It is important that you turn to successful people for advice in the planning process of your business; otherwise you will not be successful.
10. No Financial Preparedness: Simply put: If you’re not financially ready to launch your business, prepare to crash and burn.