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How to avoid common pitfalls of small business ownership

Posted at 1:29 PM, Jul 06, 2016
and last updated 2016-07-06 15:29:29-04

Pitfalls to Small Business Ownership:

For a small business owner, what you don`t know can be disastrous. Most fail within the first few years, most likely because of easily avoidable mistakes. I will identify four common pitfalls to small business owners and how to avoid them:

1. Role - Being a technician instead of an owner.
It is important to learn how to manage business money, marketing and relationships. You must work on your business and not just in it.

2. Time Management- Doing it yourself instead of hiring out.
You can save time and money by hiring a specialist to do what would have taken you much longer to accomplish.

3. Pricing- Not considering all expenses before deciding what to charge.
It is important to understand your true cost to provide your product and ensure you have a big enough margin to earn a profit and grow your business.

4. Resources- Not knowing about or using free resources available to help you succeed.
There are a lot of free resources available to established or aspiring business owners.
The Women`s Business Center just launched to provide