12 fatal mistakes in business.

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Dear entrepreneurs,

Starting a business is exciting! It’s also full of pitfalls that could pull you back to a 9-5 grind.

Here’s how to avoid these and thrive instead:

Define your niche: Dive deep into market research to pinpoint your specific audience. An unclear niche is a common downfall.
Prioritize your health: Treat breaks and time off with the same importance as your job.
Set clear Goals and KPIs: Document your objectives and the metrics by which you’ll measure success. Goals without KPIs are just wishes.
Make sales a priority: Without sales, there’s no business. Craft a robust lead generation strategy and allocate daily efforts to sales activities.
Break out of isolation: The entrepreneurial path can be lonely. Engage with business networks, secure a mentor, and find peer support.
Prepare for taxes: A separate tax savings account can prevent bad surprises. Allocate a portion of each sale to this account.
Strategize: Distinguish between working “on” the business (planning, strategizing) versus “in” the business (day-to-day operations).
Financial planning is key: Keep a close eye on your finances, including revenue, expenses, and profit. Regular reviews are essential.
Price your services: Ensure your pricing strategy allows for healthy margins and reflects your value. Don’t underprice.
Master time management: Employ apps and techniques to prioritize tasks. Set time aside for deep work.
Excellent client experience: Regular feedback from clients can show areas for improvement so you create recurring clients.
Don’t skip legalities: Investing in legal advice upfront can save you from potential pitfalls down the line. Avoid handshake deals.