10 Business Mistakes You shouldn’t Make

Buying a Business? Don’t make these mistakes

We often think back to those early days in business, and ponder what would have happened if we knew back then what I know now.  

Here are 10 lessons that we wish that we had learned before we started!! Here we go:

Lesson 10. It is going to be hard. Very hard. But…..  If you love what you do, and go into business for the right reasons, then the rewards can be significant! Don’t ever get into business for the sake of making lots of money, because that is almost always going to lead to failure.

Lesson 9. What is a simple business?  There is no such thing as a simple business! Don’t be fooled by ‘simple sounding’ ideas. All businesses have complexities which can trip up the unprepared business owner.

Lesson 8. Winning Strategy   Business plan + Marketing Strategy + Financial Spreadsheets + Money Management = Winning combination. Using these tools, you significantly improve your chances for long term business success. Don’t use them and you may as well put on a blindfold…

Lesson 7. Business Partners can make or break a business.  It is important that you understand that in reality you will end up spending more time with your business partner than your life partner; be it a girlfriend, boyfriend, husband or wife. It is essential that you have an excellent working relationship which is open, transparent and built on honesty and constant open communication. Without the right person and the right attitude towards the relationship, you will hit rock bottom pretty fast! Make sure that your partner is a “cheerleader” – not a critic.

Lesson 6. Confidence is a pre-requisite!  Confidence gives you an air of authority, which in turn helps build trust and helps convince your prospect to buy from your business. At the end of the day, if you are not confident in yourself, your abilities or your business, why should your customers have confidence in you, your abilities or your business? And once a customer has a seed of doubt in their mind, guess what they will do? Shop around and compare you to others! So be confident. Just make sure you keep confidence in check and you don’t go overboard!

Lesson 5. You must have profit margins  A business without profit margins is a charity at best. And a business where paper clips have to be counted to maintain profitability is questionable in its viability. So this is lesson number 5 – if you are going to build a business, then build one with decent margins so you can grow and prosper without the constant stress and anxiety that accompany poor margins.

Lesson 4. Potential income does not equal real money. “Cash is king” Have you ever heard the saying ‘cash is king’? Do you know what that saying means? You would be amazed how few business owners understand the true power of this fact. Without real cash sitting in your bank account your business will go absolutely nowhere.

Lesson 3. Build relationships with customer. Without customers you have no business. So treat everyone with respect and courtesy, and you may end up finding your customers becoming your unofficial sales reps, sending you so much work that you don’t ever have to do any marketing!

Lesson 2. You will fail – So embrace failure. At some point in business (and in life) you will fail badly at something. There is nothing wrong with failure – provided you learn from your mistakes and you don’t keep repeating them time and again! ‘Success is the product of one’s ability to learn from failure’

Lesson 1. Become a doer.  Become someone for whom the word procrastination is non-existent. Become the person who does as they say; who pushes forward day in, day out, maintaining high activity levels even when things are tough, and not sitting back and resting when the momentum kicks in and the business really takes off. If you become a doer, the momentum will eventually kick in. It’s inevitable. And when it does, just make sure you keep doing!  

10 Business Mistakes You Must Avoid

Thinking of buying a business? Avoid these critical mistakes.

Starting or buying a business is a significant decision, one that requires careful planning and execution. Reflecting on our early days in business, we often wish we had known then what we know now. To help you avoid common pitfalls, here are 10 essential lessons every aspiring business owner must learn before taking the leap.

Lesson 10: Understand the Challenge – It Will Be Hard

Running a business is not easy—it’s incredibly challenging. However, if you are passionate about what you do and enter business for the right reasons, the rewards can be substantial. Never start a business solely with the goal of making lots of money; this mindset often leads to failure. Instead, focus on building something meaningful that aligns with your values and skills.

Lesson 9: No Business Is Truly “Simple”

Beware of seemingly “simple” business ideas—they don’t exist. Every business has its own complexities, challenges, and nuances that can catch an unprepared owner off guard. Success requires thorough preparation and adaptability to navigate these intricacies effectively.

Lesson 8: Develop a Winning Strategy

A successful business is built on a solid foundation:

• Business Plan
• Marketing Strategy
• Financial Management Tools
• Money Management Skills

These elements form the winning combination for long-term success. Neglecting them is equivalent to operating blindfolded—your chances of survival diminish significantly without proper planning and strategy.