Mistakes to Avoid When Starting a Business

Staff — Tue, 14 Dec 2021 11:59:08 +0000

In life, there is a high chance you’ll make mistakes when doing something for the first time. This is true even in high-stakes fields like business. First-time entrepreneurs may not have the benefit of experience or knowledge to help them avoid common mistakes. For this reason, it’s important to study common pitfalls that new entrepreneurs experience.

One crucial mistake to avoid is not having savings in your bank before you start a business. Ryan Pitylak, co-founder and CMO of ZenBusiness, has worked with many new entrepreneurs during the first years of their businesses. ZenBusiness provides expert guidance and mentorship to new entrepreneurs launching businesses. Its all-in-one platform provides helpful tools such as FinTech solutions and other helpful tools for new businesses.

Ryan Pitylak says, “One mistake I have seen from many new entrepreneurs is having little to no savings in their bank. In the worst cases, these entrepreneurs will risk their livelihoods or go into debt just to fund their first business. This is risky, stressful, and potentially burdensome.”

Another common mistake is not making a business plan. As the famous quote says, “If you fail to plan, you plan to fail.” Unless you have specific steps that will lead you to success in your industry, you are destined to wander aimlessly through the process. Making a business plan will require dedicated research and the help of a trustworthy, experienced mentor who knows how to succeed in your industry.

Ryan Pitylak also says, “I cannot overstate the value of having someone who has walked in your shoes give your advice. It is more valuable than anything you’ll hear on the Internet, podcasts, books, or from your friends who are starting businesses.”

What Does It Take to Be An Entrepreneur?

Staff — Sat, 04 Dec 2021 12:52:10 +0000

Entrepreneurs come in all shapes and sizes from the big retailers to the local donut shop. There are a variety of ways to start out and this just depends on what industry you want to get started in. One of the simplest is to find a good supplier in China, then set up a Shopify store to sell those goods.

Charlotte, NC entrepreneur Todd Collins has invested in a variety of businesses, such as community kitchen The City Kitch, and other companies in the technology and real estate industries and has the following advice:

“Entrepreneurs must move past planning and preparation to execution. You will never have all of the answers, the perfect amount of capital or the right conditions.”

If you have the money, then buying a franchise can be lucrative. These come in all shapes and sizes too. The most popular are usually fast-food restaurants. The cost will vary by locations. Below is a list of 5 that are popular and the approximate cost of the initial investment required:

Popeye’s Louisiana Kitchen: About $3.5 million on average

Taco Bell: $5.5 million

Wendy’s: $2 million to $3.5 million

McDonalds: $1.5 million to $2.5 million

Five Guys: $305k to $380k

With franchises, there’s an upfront franchise fee required. Most also expect to get a percentage of your gross sales. They do provide you with a lot of support that you wouldn’t get if you just decide to open your own Hamburger Barn.

Todd Collins, a Charlotte, NC entrepreneur suggests this:

“Creating a team of leaders requires empowering others and creating an environment that allows team members to operate in a manner that enables personal fulfilment.”

Todd Collins is a visionary entrepreneur and philanthropist based in Charlotte, NC. Through his companies Red Hill Ventures and Red Hill Capital, Todd Collins has transformed many minority-owned businesses in Charlotte, NC in the real estate and technology industries with timely investments and insightful assistance.

entrepreneurship – SNDA Online

Mistakes to Avoid When Starting a Business

What Does It Take to Be An Entrepreneur?