There are plenty of mistakes to make when beginning a small business but there are 2 very costly ones that can and should be avoided at all cost.
Quitting your day job too soon: Many would be millionaires, frustrated with their 9 to 5, take a blind leap into the arms of fate just hoping that their idea will pan out. As wonderful as this sounds it often leaves them in terrible financial shape having to do anything and everything just to stay a float. It is best to get a business plan and financial plan in place and reach major goals before breaking ties with a day job. Of course there are many success stories out there of people who struggled through and made their dreams come true but for many this will simply not be the case. Biding time and getting things in order before telling your boss off, is definitely the best way to go.
Getting unqualified friends and family members involved: Finding cheap labor for a small business is not always easy and that is why many owners enlist the help of family and friends. This can be a very good thing but it can also provoke more headaches and distractions than a business owner needs. Family members may or may not be qualified or they may have no attachment to the business whatsoever and only do their job as a favor to you – both of these lead to poor job performance which leads to a mediocre business. Also family members are known to take certain liberties(from free food to excessive sick days) thinking that it’s owed to them because they are the owners brother,sister,daughter, or aunt. This isn’t to say that it should never happen but future business owners should think long and hard before hiring family members or friends.
Avoiding these 2 mistakes will put you ahead in the game and help you avoid headaches in the future.