Common Startup Mistakes and How to Avoid Them

1
Common Startup Mistakes and How to Avoid Them
2
You read horror stories about startups all the
time.When it comes to starting a business and
maintaining it, theres a lot of things to think
and worry about. How much should you spend on
marketing? How much should your products or
services sell for? Should you get an accountant
to handle the companys finances? Failed startups
can happen for a variety of reasons, but theres
always a set of mistakes that inevitably lead to
disaster. Steer clear of these common mistakes
3
Not Preparing or Planning Everybody has a great
idea for a startup, but you need to prepare
yourself mentally for the workload that comes
with that idea. People who climb mountains and
run marathons are always practicing and training
for the big day, and the same applies to you.
Conducting research into the market you want to
operate in, setting a budget, setting goals and
milestones to aim for, and learning more about
your potential customers is essential if you want
your business to succeed.Going it Alone While
some people may have the drive and dedication to
run a one-man business, its important to note
that running a startup will put a lot of work and
stress on your plate. Focusing on so many areas
of running a business can wear you down if youre
going it alone, leading to burnout. Hiring
someone and delegating tasks you struggle with to
them can help your startup survive, particularly
in the first frantic months.
4
Rapid Expansion If youve gotten past that part
of the startup building process, you may think
its time to hire a full team or push your
marketing budget to the limit. But before you
spend those initial gains on hiring staff,
remember that nearly three-quarters of internet
startups fail because they expanded too quickly,
leaving nothing in the bank for a rainy day
fund. Make sure you have enough cash squirreled
away before you gamble on expanding your
business.While the horror stories of failed
startups may dishearten you, its important to
understand how essential a good accountant can be
to keep your business afloat while its still
vulnerable, and to avoid making these mistakes in
the first place. NWD Accountancy has a wide range
of services available for local businesses in the
Darlington area.
5
Contact us NWD Accountancy Limited Business
Central, 2, Union Pl,Darlington DL1 1GL,
UKPhone 44 1325 370556 www.nwdaccountancy.co
m