7 Mistakes to Avoid Unless You Want Your Project To Fail

You’ve finally made the decision to start your own business? That’s great but now you need to avoid the following 7 mistakes so that your business is a success. 

Probably the most famous example of a failed project in Egypt lately is the 19011 pharmacy chain bankruptcy. Even though the business boasted a huge capital at the beginning it still eventually went belly-up. 

Fast profits or expanding too quickly are not always true signs of success. On the contrary they may be a strong indicator of failure. Join Faydety as we explore 7 reasons a business may fail. 

More on 19011 pharmacies here Why Did the 19011 Pharmacies Declare Bankruptcy?

Mistake #1: Not having a clear business plan

One of the factors impacting your business is not planning your budget beforehand as well as not taking into account the financial risk involved. 

Any business must have a clear business plan and a detailed study on how to proceed. 

Mistake #2: Not anticipating loss. 

Any business plan has a risk factor and as you start your own business you must take into account any possible losses and not just possible profit. You must have a contingency plan in place against any pitfalls you may face. 

Plan your business budget correctly: 5 steps you need to take when planning a projects budget in 2022 

Mistake #3: Expanding too fast. 

Just because you have a lot of branches doesn’t mean your business is a success, case in point the 19011 pharmacies. They had many branches and still declared bankruptcy. That is because they expanded too quickly and the business foundation was not sound, and this is not an isolated case either. 

Don’t expand too fast and establish yourself first. 

Mistake #4: Overconfidence.

Just because you have management experience doesn’t mean you can do everything yourself. On the contrary you need a whole team of experienced personnel in order to run a business smoothly. 

Check our article on how to start a successful business here. 

Mistake #5: Don’t delegate too much 

You should be able to oversee everything at any time. Don’t make the mistake of delegating everything or supervising nominally but don’t micromanage everything either. 

Also don’t be over impressed with great preliminary results as this may be a false indicator of success. 

Mistake #6: Keep up with market trends. 

The market is always in flux and you must keep track of all the movements and trends so that your business can adapt. 

Mistake #7: Understand your consumer base. 

Just because you have a product/service you want to sell doesn’t mean consumers want to buy it. You must understand who your consumer base is and what they are interested in 

Get financing for your small business here.