1. Inexperience. The only cure for this is, well, experience. But no one starts a business knowing everything they need to know. Immerse yourself in your industry and think through everything as far as you can. Don’t be afraid to raise questions that may seem elementary. (Here’s a list to get you started.) Seek advice from successful small business owners, and above all, learn from your mistakes. And don’t give up. It will get better. Probably.
1. Failure to understand your market and customers. We often ask our clients, “Where will you play and how will you win?”. In short, it’s vital to understand your competitive marketspace and your customers’ buying habits. Answering questions about who your customers are and how much they’re willing to spend is a huge step in putting your best foot forward.