There are countless business advice articles out there that frighten entrepreneurs with the idea that 90% of start-ups fail within the first year. That’s actually a highly exaggerated number. Studies indicate that the real percentage of businesses that fail is actually much lower, and there’s a lot you can do to prevent your venture from getting to that point.

However, though the failure rate might not be as drastic as you thought, it’s still worth making sure that you don’t fall victim to any unnecessary mistakes when you’re building your business for the first time. Here are just some of the most common mistakes companies are still making in 2018, and how you can avoid them.

  1. Poor planning

While passion and creativity can help you to launch your enterprise, you need a good business plan to keep your idea alive and prospering. As tedious as it can be to track down the perfect business loans and make sure that you have an exit strategy in place, planning is essential to your success. The more strategic you are about your future, the better off you’ll be. Don’t make the mistake of thinking that you can simply let your passion guide you.

  1. Neglecting to claim for PPI misselling

Did you take out a business loan to start your company? The answer is probably “yes”, unless you were lucky enough to start your organisation with your own capital. While people know about the concept of PPI for their personal loans, they often forget to address it in the business world. The truth is that PPI claims can recover a lot of money that you can funnel back into your business. Don’t miss your opportunity if you have ever held PPI and make sure you use a trusted partner like ppi-claim.co.

  1. Poor pricing

Under or overestimating the value of your product or service is another of the common mistakes that businesses might make in 2018. When considering your pricing, make sure that you consider things like tax consequences, variations in employee wages, and more. At the same time, don’t let a lack of confidence in your business hold you back from asking for the amount you’re worth.

  1. Waiting for perfection

Running a business is challenging and risky work. However, waiting for your plan to be perfect before you take the leap could mean that you end up with fewer opportunities to take advantage of. No business is ever perfect to start with. You’ll need to work on your idea and iron out the kinks one by one. You can really only do that once you’ve already launched your company.

  1. Being afraid of failure

Finally, the biggest and most obvious mistake that today’s company’s make, is allowing a fear of failure to get the better of them. The truth is that from the moment you start your business, you’re destined for at least some kind of failure. Not everything is going to go right from day one. Accept that fact and remind yourself that each failure is an opportunity to learn and grow. Occasional errors don’t have to mean the death of your company.

Make 2018 your year

Launching your own business is a difficult and complex thing – regardless of how confident you might feel about your idea. The best thing you can do to set yourself up for success, is learn from the mistakes the entrepreneurs around you are making. Do that, and you’ll be prepared to make 2018 your year.

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