How to avoid mistakes for a novice entrepreneur

Business in Russia is getting younger year after year. More and more yesterday's graduates are seeking independence and financial freedom. But at first, they make many mistakes that lead to collapse. Through sound policies, they can be avoided or the risk of their occurrence reduced.

Instruction manual

1

Money loves counting. Be sure to count every step in your activity. Calculate the opening of your business in various ways, think about where you can save and have enough resources to start your own business. Have a cash reserve of at least six months. Keep accounting, even if the law does not require you to do so. Structuring your finances will help you avoid unnecessary costs and see gaps in your business management.

2

Properly plan your advertising budget. There are many ways to save it. For example, to open a single grocery store, a small signboard above the Products entrance is enough, and when you expand to the scale of the network you can come up with a different name and register the brand, but at the initial stage it is an extra waste of money. So it is with the company logo. Use affordable and cheap advertising - flyers in mailboxes, word of mouth, ads in newspapers. An extensive audience can be attracted by inexpensive, but often very effective advertising on the Internet. Contextual advertising, message boards, landing pages, forums will help you find your customers without eating up most of your advertising budget.

3

Be dynamic. Constantly study demand, analyze demand and sales, purchasing power, get accurate numbers and make forecasts based on them. Introduce those products that are in stable demand, and play and study the reaction of customers with the rest of the assortment. To know how much will be sold tomorrow, you must clearly know how much was sold yesterday.

4

Be literate. Gaps in knowledge of the law can cost you a lot. Constantly keep abreast of changes in regulatory legal acts relating to all aspects of your business, maneuver based on these updates.

Useful advice

If your knowledge is not enough to reveal one or many issues of activity, contact the professionals. The cost of their services will quickly pay off if you apply the advice that they will give you in practice.