Becoming an entrepreneur is an exciting undertaking, but it can be difficult to get your new company off the ground — even with a great business idea. About 18% of startups won’t make it through their first year, and only 50% will last beyond five, according to Bureau of Labor Statistics data.
While you can’t anticipate and prepare for every potential hurdle your business may face, there are strategies to help set your business up for long-term success. Here, business owners and industry experts share some of the most common mistakes startups make and tips to avoid them.
1. Starting without a detailed business plan
When you launch a new business, one of the first mistakes you can make is getting started without a well-researched, detailed business plan.
“At the start, I didn’t realize exactly what running a business entailed,” said Haley Slade, CEO of Slade Copy House, in an email. “Not having a solid business plan and ‘shooting from the hip’” — a mistake Slade…
This article was written by Randa Kriss and originally published on www.nerdwallet.com