Starting a new business is fraught with risk. Here are some simple pitfalls for small business owners to avoid, like investing too much in one client or trusting that all signed contracts will be honored. Importantly, don’t sacrifice your personality or go against your gut instincts!

Some of the key warnings for new business owners…

  • Thinking too big or too small
    • Don’t bite off more than you can chew or miss opportunities
    • Be aware of what you can handle and be prepared to expand
  • Losing focus or drive – don’t do too much too soon and keep in mind this is for the long term
  • Taking on too much by yourself – seek help from others
  • Sacrificing your personality – your business is a part of you, so you should love what you do
  • Not tracking advertising – need to know if advertising expenses are effective
  • Investing too much in one client
    • Don’t put all your eggs in one basket or rearrange your business for one client

Should you trust your gut? How much should you rely on your own contracts? Watch for more advice…