Comments on: 5 Common Financial Mistakes Entrepreneurs Make http://debitversuscredit.com/business/5-common-financial-mistakes-entrepreneurs/ A personal finance blog dedicated to fighting financial ignorance Fri, 20 Apr 2012 16:25:11 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Kristy @ Master Your Card http://debitversuscredit.com/business/5-common-financial-mistakes-entrepreneurs/comment-page-1/#comment-513 Kristy @ Master Your Card Sat, 24 Jan 2009 06:11:55 +0000 http://debitversuscredit.com/?p=908#comment-513 These are all great tips. Something I've run across too, is that sometimes new business owners don't have their ideas fully worked out. Before going into business, you should get a business plan put together. In this plan, you should include what your goals are for the first 12 months - the period that will make or break your business. How will you overcome budget issues, payroll issues, equipment malfunctions, cash flow, etc. Banks and investors want to know you've got a plan in place to take care of the downs as they arise. Something else I think all new business owners should do is sit with someone who's been where they are and ask what they did. Find out how the planning went, how getting the business off the ground went, what where their challenges, and what is their advice. Most business owners are happy to talk about their businesses, so it shouldn't be too difficult to find someone who will share their insight. Also, network! Networking is so important in business because it opens the doors to new clients, new friends, and other relationships that can help your business be successful. Join the chamber of commerce, go to those functions at hotels that let you talk with other business owners. It's all worth it if it helps you grow your business! <abbr><em><abbr><em>Kristy @ Master Your Cards last blog post..<a href="http://masteryourcard.com/blog/2009/01/23/do-age-and-gender-matter-in-personal-finance/" rel="nofollow">Do Age and Gender Matter in Personal Finance?</a></em></abbr></abbr></em> These are all great tips. Something I’ve run across too, is that sometimes new business owners don’t have their ideas fully worked out. Before going into business, you should get a business plan put together. In this plan, you should include what your goals are for the first 12 months – the period that will make or break your business. How will you overcome budget issues, payroll issues, equipment malfunctions, cash flow, etc. Banks and investors want to know you’ve got a plan in place to take care of the downs as they arise.

Something else I think all new business owners should do is sit with someone who’s been where they are and ask what they did. Find out how the planning went, how getting the business off the ground went, what where their challenges, and what is their advice. Most business owners are happy to talk about their businesses, so it shouldn’t be too difficult to find someone who will share their insight.

Also, network! Networking is so important in business because it opens the doors to new clients, new friends, and other relationships that can help your business be successful. Join the chamber of commerce, go to those functions at hotels that let you talk with other business owners. It’s all worth it if it helps you grow your business!

Kristy @ Master Your Cards last blog post..Do Age and Gender Matter in Personal Finance?

]]>