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Driving Toward Success: 10 Common Startup Mistakes to Avoid

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The startup failure rate is well-documented: about 50% of new small businesses close shop within fours years and 90% don’t live long enough to celebrate their tenth anniversary.

As an entrepreneur, it’s clear the odds a typical against the success of your startup.

What should you do? Abandon your dreams of launching a startup? No – giving up when a challenge arises isn’t in an entrepreneur’s DNA. You keep driving forward.

But, startups don’t fail out of the blue. There’s usually a combination of mistakes behind the failure.

In this article, we’re sharing the common startup mistakes you must avoid in your quest for success.

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Successful Startups: How Long Does it Take to Start a Business?

the word startup with business doodles around it

Starting a business takes guts. Sticking with it takes grit.

Despite what glamorized business stories tell us, starting a business isn’t a get rich quick scheme. We can think of endless app and business ideas, but it doesn’t guarantee success. Overnight success is the exception, not the rule.

For the rest of us “mere mortals,” starting a successful business takes time, dedication, and emotional fitness. We’ll face challenges, fears, and frustration. How we react to these obstacles will determine our business’s ultimate level of success.

We also have to be realistic. Not all businesses are meant to succeed. Your initial startup idea may not be what makes your business successful down the line.

We need to be flexible. We need to be adaptable. Sound exhausting already?

Good, it means you’re understanding that business isn’t for the faint of heart. Our goal isn’t to crush your business dreams. We want to prepare you for the reality of starting a business so that you can succeed!

So, how long does it take to start a business? And, how long does it take for your startup to be a success?

Read on to find out.

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The Essential Business Expenses List: Common Monthly Expenses to Expect

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The ability to track and monitor income while controlling expenses is vital for the success of any organization. To prevent cash flow challenges, it is important to be aware of all your expenses and when they are due.

For startups and inexperienced entrepreneurs, managing expenses can be challenging. The following is a business expenses list that details the common monthly expenses for businesses.

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9 Personal Finance Tips for New Business Owners

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You’ve finally achieved your dream of opening up your own business, and you want to develop better money habits.

You’re in need of some personal finance tips that will allow you to better plan for your financial future and come up with more ways to fund your company.

From helping you to increase your chances of getting a loan to making sure you understand how to plan for taxes, this article is here to tell you what you need to know.

Follow these finance basics to keep both your personal and business finances in excellent standing.

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Don’t Make it Personal: 8 Ways to Keep Your Personal Expenses Out of Your Business Accounts

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A common mistake business owners make can cost you dearly with the IRS: not separating your personal finances from that of your business.

Failing to track your business versus personal expenses can end up harming your business come tax time. The IRS might deny you certain deductions, or even choose to audit your business.

Keeping your business separate has an impact on your professionalism, as well. Maintaining your business and all related transactions as a separate, official entity lend to your legitimacy and trustworthiness in the eyes of your clients.

If you want to build a successful business in the long term, it’s important to avoid the pitfalls of commingling your expenses. Read on to find out how to set your business up for financial independence and success.

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How to Scale a Business: Everything You Need to Know

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Scaling is the process of cultivating and sustaining business growth.

You recognize the opportunity for expansion and jump right at it. This may sound easy on paper, but practice is dotted with roadblocks. We’re talking about things like miscommunication, insufficient delivery capacity, poor customer service, etc.

The truth is growth is not a straight line and the probability of failing is high. So, the million dollar question is how to scale a business in a reliable and sustainable way.

Well, you should know right away it’s a tough balancing act. It requires thorough planning, ample funding, right systems, capable staff, and modern technology.

It’s all comes down to two qualities: capability and capacity (to meet demand). Your operations have to adapt and evolve in order to accommodate growth.

The good news is you don’t have to work harder, just smarter. Here’s how to make it happen.

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Budget Barriers? 4 Tips for Small Businesses to Score Cost Savings

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While it’s an intimidating number to look at, the truth is that eight out of 10 businesses fail within the first few years. If you don’t want to be one of these businesses, you need to position yourself for some basic cost savings.

In order to cut back on your spending, put yourself in a position to lower costs and find new ways to generate revenue.

Here are four ways to ensure cost savings without impacting your productivity or efficiency one bit.

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8 Ways to Improve Your Credit Score Before Applying for a Business Loan

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If you have a great idea for a business but don’t have the funds to start it up, a small business loan is a great option. Last year, the average small business loan was $375,000. While small business loans are a great low-cost option, you must have excellent credit to get approved.

Like any type of loans, a good credit score will get you the best interest rates. In some cases, your credit might be so bad that you don’t even get approved for a loan. If you have bad credit, you’ll want to work on building your credit back up before applying for a new loan.

Read more to learn how to build your credit up and increase your credit score.

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How to Increase Revenue: 10 Methods for Your Business

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Almost half of all full-time small businesses in the United States make less than $75,000 a year. If you’re part of this statistic, you may be disappointed at the amount of money you have to take home at the end of the week.

After all the hard work you put into your business and all the loans you took out to make it happen, you probably wanted to be raking in the big bucks by now, right?

Luckily, learning how to increase revenue doesn’t have to be so hard. By following a few easy steps, you can be well on your way to increasing your sales and coming home with more cash.

Do you want to know more? Keep reading to learn 10 methods to help your business earn more money.

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10 Important Tips to Help You Organize Your Small Business Finances

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It’s that time of the year — the time to fill out taxes for your business. Whether you’re calm or groaning at the mere mention of the T-word depends on if you’ve kept your finances organized throughout the year. If you haven’t, don’t feel bad because you’re probably not the only small business that isn’t ready.

Keeping your finances organized can be tedious and time-consuming, but it’s a crucial part of running a business. You can make it easier on yourself by keeping your business income separate from your personal one, or by just investing in the right accounting software.

Although this advice may come a bit too late (or not if you’ve just opened your business), here are a few ways to organize your business finances in time for next year.

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Support Your Local Mom & Pop Shop: How SMBs Stay Competitive in a Corporate Dominated World

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Did you know that there are about 30.2 million small businesses in the United States? These are establishments with less than 500 employees.

If you’re starting out, you might have worries about fighting all the competition or missing a milestone. It’s especially worrying when you’re a mom and pop shop goes up against big names on the industry.

Fortunately, there are a lot of tools and techniques in your arsenal that can help you distinguish yourself. You can start by building business credit and following the steps laid out below:

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Finding a Coworking Space that Fits Your Personality

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There is no question that coworking spaces have become increasingly popular, and not just with one-person shops. Renting coworking space is a cheaper option than renting office space if you have fewer than 10 employees.

In addition to being conveniently located and offering perks, a coworking space needs to fit your personality. Are you a worker who needs structure, or do you thrive on social interaction with colleagues? Do you hope to gain potential business contacts, or are you just looking for a professional environment to use for client meetings? Are you easily distracted by other people’s conversations?

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How to Grow from 10 Employees to 50 in 1 Year

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Technology is a fast-paced business. It’s grow quickly or bust, and there’s always pressure to be constantly ahead of yourself. How do you more than quadruple your staff in a year without capsizing the ship?

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10 Digital Marketing Trends in 2019 You Need to Know

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You’re ready to scale your business for the new year.

You’ve invested in better technology, you’ve written a killer business plan that will help you to get a great business loan, and you’ve even hired a few new team members.

The one thing you can’t afford to ignore?

The latest digital marketing trends for 2019.

Curious to learn more about what they are — and what they can do for your business? If so, then you’ve come to the right place.

Read on to learn more about the top online marketing trends for the new year.

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10 Habits of Successful People Every Business Owner Should Know

6 business people standing in power poses

Is your goal to make your business as successful as it can be?

It’s not necessarily going to be easy for you to do it! There are more than 30 million small businesses scattered across the country right now. And unfortunately, not all of them are going to be successful.

One of the ways to avoid having your business fail is by studying the habits of successful people who have come before you. By doing this, you can develop some of their habits yourself and give your business a much better chance of being successful over the long run.

Take a look at 10 habits of successful people that every business owner should know below.

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