7 common business plan mistakes to avoid

7 common business plan mistakes to avoid

Starting or expanding a business is exciting. Many elements go into formulating a company’s successful business plan, such as market analysis, strategy, operating plan, sales, etc. With proper research, focus, and guidance, you can create a successful business plan that allows quick decision-making, provides structure, generates funding support, and optimizes management. As a new business, some planning mistakes can also be detrimental to growth and success. Here are seven of them:

Not defining a target market
One single business has rarely had an appeal for everyone. More often than not, successful businesses operate within a niche market. When starting a business, it is important for a new business plan to clearly define the demographic market they intend to target or cater to. Those struggling to find their target focus area must seek professional help from market research experts or agencies.

Having unrealistic financial projections
Of course, it is important to have confidence in one’s business. However, grossly overestimating one’s financial projections can lead to a downfall, especially when securing third-party funding. Try to maintain a realistic financial picture on record instead of inflating profit projections.

Lacking research
Do not start creating a business plan without conducting adequate market research. Double-check the research, and use recent sources to corroborate the same. This will also create a useful bank of information about possible neglected areas in the market that a new business could tap into.

Not focusing on competitor analysis
Instead of focusing on the money-led developments of a business, focus on the product, quality, and services that a competitor offers. Focus on your niche, highlight what separates you from the competition, and the solutions your new business offers to cover exposed market pain points.

Ignoring cash flow
Another common business pitfall that new entrepreneurs make is ignoring cash flow. With the focus on profitability, it is easy to forget to account for daily bills, as money is often tied up in debt and stocks. Factor these into any new business plan to ensure the business continues to function optimally.

Being inflexible
Being inflexible and not leaving enough scope for plan modifications is a big reason plans fail. While a business plan is meant to guide the venture’s future, it is impossible to predict market and society changes. Even though all of these contingencies cannot be accounted for in a new business plan, it is important to remain flexible and open to changes due to any unforeseen circumstances that may arise.

Being inconsistent
If your plan has been an amalgamation of team efforts, different sections may use varying strategies or conflicting statistics. Before pitching for capital, check the plan for any inconsistencies, as they may deter investors. Set up a committee and review each section of the plan together to highlight any inconsistencies or overlaps to activate your business plan seamlessly.

Business planning is time-consuming and laborious but does not need to be tackled single-handedly. If you are working on a solo venture, consider attending workshops that can equip you with the right tools or look into business counseling services to help you take your next steps.

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5 mistakes to avoid while booking concert tickets

Booking concert tickets requires careful planning. However, the buying process has become easier with the availability of tickets online. But one can still end up making errors while booking tickets online, making them lose money or their favorite seats. One should avoid overlooking the booking details or losing their patience when trying to get tickets. Here are some other crucial mistakes one can make when buying concert tickets and how to avoid them: Overlooking key detailsBefore one tries to book concert tickets online or offline, they must get all the important information on the concert. This includes the date of the concert, the venue, and the arrangements one can expect. If one misses out on such details, they may end up booking the ticket and realizing they can’t make it on that day. This may either lead to the ticket being wasted or being resold on other websites. So, one must always check the concert details thoroughly and consider their own schedule and budget before buying tickets.Not creating an account beforehandSome websites prompt the user to create an account to buy the tickets. However, because of the fear of scams, people usually avoid creating accounts on such platforms till the last minute. Further, when the ticket sale is announced, the users lose valuable time in creating the account and are often disappointed at the unavailability of the preferred seats. So, one should check the legitimacy of the particular website, create an account before the tickets go live (preferably a couple of days prior), and then quickly book the tickets as per their preferences. Not verifying the platform’s credibilityToday, one can choose from multiple platforms to get concert tickets. However, the chances of all websites being legitimate are scarce. Some websites are often designed to scam people and take their money. So, when one does not verify that the website is genuine and legitimate before placing an order, they are exposed to the risk of losing a lot of money. So, one should look up customer reviews of the websites and even seek recommendations from friends and family for reliable booking platforms. This can help one save their hard-earned money from scammers and also make their ticket-buying experience hassle-free. Not using multiple devicesWhen one tries to buy concert tickets online, they use just one device and end up disappointed. This happens because the concert tickets sell out incredibly fast once announced. However, one can double their chances of booking tickets if they ask a friend to log on to the platform at the same time on a different computer or phone. This could help one ensure that if they are unable to get seats on one device, they could try the other one. Missing great offersWhen one’s favorite artist comes to town, they may jump at the chance to book the pre-sale tickets. However, booking tickets without checking for offers and discounts leads to overspending. So, to avoid making this mistake, one should check out offers on social media, booking platforms, and the organizer’s page beforehand to save money on the purchase.

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6 common parenting mistakes to avoid

Most parents try their best to raise their children well; nonetheless, it can be very easy to make mistakes in the process since situations change every hour when raising children, bringing new challenges. Thus, it is crucial for new parents to watch out for the common mistakes that will negatively influence their parenting journey. Read on to explore the common parenting mistakes to avoid to help your children grow into confident and gentle individuals. 6 mistakes that can adversely affect your parent-child bondEvery parent-child equation is different. But most families face similar struggles, from setting boundaries for children to parents not managing to make enough quality time, questions about socializing, and more. This tends to create a very challenging environment for children, and their physical, mental, and emotional growth might suffer. Thus, parents must be aware of certain possible child-rearing mistakes. Here, we have highlighted some common parenting mistakes to avoid that will help you embrace a nurturing relationship with your children. Trying to control all their choices and decisionsThere are certain times when you, as a supportive parent, have to let your kids make important decisions in their life. Controlling every aspect of their life is unhealthy, as they will always feel restricted and unconfident. When you trust their choices, it will help them to grow their self-confidence and learn from their mistakes. Not setting any boundariesIt is great for a parent to treat their young ones as friends and encourage them to share anecdotes of their day openly. Nonetheless, it is equally important to set a boundary so they know you are in command of the parent-child dynamic. To achieve a better outcome, ensure you are not too lenient or tough on your kid. Create a midway where they can understand your authority and feel free to voice their thoughts. Constantly being overprotectiveIt is typical for parents to be protective of their children. However, persistently shielding them from every trouble, including failure, disappointments, rejection, and pain in the quest, is a common parenting mistake to avoid. Being overprotective will eventually make your child grow into an oversensitive individual who cannot face the world's reality without depending on others. Having rigid expectations from your childrenIt is natural as a parent to wish for your kids to become ambitious people, achieving great things. Yet, setting up unrealistic goals will induce the reverse effect, reducing their self-esteem and making them constantly need validation. Instead, you can visualize positive and possible expectations and teach your kids ways to accomplish them. Comparing them to their friends or siblingsParents often compare their kids' behavior or academic performance with fellow kids, cousins, siblings, or neighbors. You may feel disappointed when your kid doesn't reach the level of your expectation. However, making comparisons can lead to emotional and mental health issues for your kids. It will make the kids believe they aren't good enough and be skeptical about their accomplishments. Fighting in front of themDisagreement is a part of any relationship with your partner/spouse. However, aggressively fighting with them in front of the children can adversely affect their development. When the kids witness their parents engage in a fight, more often than not, they are likely to be affected by depression, low cognitive function, and emotional dysregulation. In conclusionParenting is a tough job, and mistakes are inevitable. However, they can have an in-depth impact on your kids. Fortunately, most mistakes can be solved with care and attention, allowing you to shift your behavior patterns and reach a mutually beneficial dialogue with your children.

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