Starting a business is as exciting as it is scary because it has many challenges and risks;

Therefore, before launching your own business, you should avoid a number of mistakes that can destroy your business before it starts.

In this report, which was published by the American magazine "Forbes";

Mike Cable, founder and CEO of Patriot Software, touches on the six mistakes that can destroy your startup, and how you can avoid them.

1. Fear of failure

You may be intimidated when thinking of starting a business.

And this fear may increase when you know that mistakes can lead to major problems.

But the fear of failure will not help you succeed, it may be a hindrance at the beginning of your career, and may prevent you from taking risks when necessary.

The author mentioned that the easiest way to avoid fear of failure or making mistakes is to prepare.

Create a clear business plan, review your records, and keep abreast of the latest developments such as tax laws and best accounting practices.

If the idea of ​​managing your records or following laws and regulations intimidates you, you can hire a tax professional or an attorney who specializes in corporate law.

Remember that no one is infallible, and troubleshooting helps you move forward and learn.

2. Absence of a marketing plan

If your business transactions are slow, it may be because you lack a marketing plan.

Without a marketing plan, you will not be able to understand your target market.

How do you avoid it?

Before starting your own business, the writer recommends creating a business plan that includes a blueprint for marketing your business.

Part of this plan is to conduct a complete market survey in order to know the suitability of your business to market requirements, and to collect data on potential customers and competitors.

After analyzing the data, you should start working on your findings.

For example, you can revamp your marketing strategies, respond to reviews faster, or even ask customers to populate a survey form.

3. Waste of money

At the beginning of your career, it will be easy to waste money, you may buy equipment, rent a facility, spend money on advertising, etc.

But overspending is sure to kill your business before it even starts.

To avoid this, the writer advised setting a budget and sticking to it.

Try to estimate the various costs of your project and determine the resources required to implement it.

But remember that a budget is an outline, and it's better to spend less than your budget is over it.

4. Try to do everything yourself

As the entrepreneur, you probably won't ask for anyone's help and refuse to take advice from anyone.

But this is wrong, because over time you will get tired, lose your passion and may even think about ending the project.

Instead, the writer recommends seeking help and learning from the experiences of other entrepreneurs.

You may also consider creating a business partnership with a business.

5. Irresponsible assignments

Your high school classmate is undoubtedly a good friend, but he may not be the right employee for your job.

And remember that your business requires specific needs that are met by the most qualified employee.

Before hiring employees, first study your budget to see if you can afford their salaries.

Determine how much employers pay for typical payroll and wage taxes in your industry.

Then decide if you need a full-time or part-time employee.

Be sure to speak with your company's accountant to review your records in depth.

If the records indicate that it is not yet time to hire employees, develop an action plan to get to the point where you can hire an assistant.

And if you are in a position to be hired, specify exactly what task the employee will do before posting the job ad.

6. Not following proper bookkeeping

Most entrepreneurs have no knowledge of the basics of accounting, but that is no excuse to shirk bookkeeping responsibilities.

Failure to keep track of company records can lead to chaos and false tax reporting.

In this case, the writer recommends hiring an accountant because only he can ensure that you are on the right track.

It can also help you determine your budget, file corporate tax returns, etc.

With that said, you should be aware of the basics of accounting and where your money goes on a daily basis.

And you can use accounting software to help you process invoices, track payments, pay contractors, and so on.