Mistakes and Profitable Business Ideas

Here’s an interesting notion: Do you realize that there are mistakes you can make at various stages of your business’ growth that can be slowly killing even your most profitable business ideas for months or even years if you don’t watch for them?

Well, these mistakes do exist and they are not just reserved for the rookie companies. Many working businesses, including those you might think are “successful” because they’ve been around for 10+ years, are often still making them… and are possibly losing a lot of money and/or wasting a lot of time in the process.

Although some of these big and sneaky mistakes seem aimed more at service type companies, they really do fit the bill for almost any type of industry be that offline or online. I’ve had a look into this and over the next few days I’m going to do my best to show you some examples with these business building tips.

Business Building Tip 1

Underestimating Project/Service Time-

This is a big one and it pertains to service companies as well as companies that sell a product. This is a service company’s bread and butter. If you don’t estimate your time to perform each and every service in your repertoire, you will get burned and there is little you can do about it but bite the bullet and learn from it.

If yours is an offline service company then the best way to estimate time is to do it once yourself or watch your best employee do the task and then throw in a little fudge factor on top of it.

For product companies, both offline and online, time becomes an issue with logistics so be aware!

Watch out for more business building tips and mistakes that can kill your profitable business ideas.