Common Mistakes to Avoid When Starting a Small Business
Starting out a small business can be an exciting –and often stressful– experience for an entrepreneur. When you are starting out, you are laying the foundation of the business and you’ll need to consider many factors including getting the right small business space for rent, your storage needs, marketing, pricing, and performance evaluation. There are many workspace rentals offered by self storages in Singapore where you can choose the right size for your needs. Aside from getting things right, there are also common mistakes you should avoid when starting out your small business.
Skipping the Planning Stage
Successful entrepreneurs often advise that the most critical step in starting out a small business is to just go for it. But that doesn’t mean that you skip the planning stage. Plan your business according to the resources you have and map out a growth plan according to the ambitions and market you are in. This stage is crucial as this set of plans will guide you through the execution and management of time, cost, risk, quality and issues.
Basing Decisions Solely on Cost
Cost is a critical element for any business, especially for a start-up, but it is not the only factor to be considered. Decisions such as finding budget business space from the cheapest self storages in Singapore do not depend entirely on the cost, but also factors such as the facilities available and the location that is convenient for clients and facilitating operations. Prioritize your business decisions based on the needs of the business and evaluate it with other factors including costs before coming to a decision.
Neglect Others’ Opinions
Your beliefs and thoughts for your business matter but sometimes it would be wise to take a step back and get a second opinion. Consult with other professionals and fellow entrepreneurs if you need to clarify any doubts or feel confident about your ideas. This is especially if you are in a partnership, where you will be able to benefit from what your partner brings to the table, such as industry related expertise and experience.
Overspending or Under-spending
Some entrepreneurs get caught up in a trap of overspending while others underspend. It’s crucial to have a good understanding of the money you have to be a healthier spender. It requires you to know how much you have to spend on your business. Overspending can be contributed by improper budgeting and unplanned efforts to develop the business, while underspending can limit the business’ potential for success. Keep track on your spending and stick to a business budget, while giving your business enough time to evolve naturally.
Mistakes can be opportunities to learn, but too many of them can be the reason for failure. Knowing these common mistakes to avoid while give your startup or small business a competitive edge.
Work+Store is one of the cheapest self-storages in Singapore that offers working spaces for lease islandwide in 8 locations, Pasir Panjang, Bartley, Eunos, Kallang, Upper Thomson, Bukit Merah, Ang Mo Kio, and Tampines. Choose the ideal unit according to your requirements, with sizes starting from 88 sqft. Facilities in the units include powerpoint, lights and aircon to support an optimal working environment, as well as 24/7 CCTV surveillance and keycard access to provide security and easy accessibility. Our workspaces for rent are suitable for small businesses, start-ups and e-commerce that also require storage spaces as well as the capacity to manage goods procurement and carry out order fulfilment duties. Under our parent company, LHN Group, there are bigger unit rental for office and warehouse in commercial and industrial spaces across 36 properties in Singapore.
As a self-storage in Singapore, Work+Store also provides storage spaces ranging from 6 sqft to 730 sqft, with flexible lease terms and all-inclusive rental rates. There are also mini self storage units or lockers in 2 sizes: 1m x 0.6m and 1m x 1m for $39 and $59/month which can fit 1 or 2 large luggage.
If you wish to find out more about Work+Store and our other storage options, feel free to contact us at +65 6578 9966 or WhatsApp us at (65) 8345 9966. Alternatively, you can email us at email@example.com for more information!