After assisting thousands of entrepreneurs and investors starting businesses in the United States, we’re uncovering three of the most common mistakes to avoid.
Mistake #1: Not having a business plan
Have you ever tried to build something complex without following the instruction manual? Did you successfully complete the project, without referencing the directions even once? Most likely, no.
It is essential to have a strong business plan in place to show the best forward for success. At best, it is a perfect roadmap to follow each step along the way and, at worst, will serve as a point of reference when the path becomes a little less clear…which it inevitably will.
Mistake #2: Lack of market research
Have you ever told a joke that no one in the room laughed at? Or has someone told you a joke that you didn’t find funny? In both cases, the jokester did poor market research, neglecting to understand why the audience would find the joke humorous.
Whether your business is telling jokes or selling trucks, you must perform appropriate market research to optimize your business efforts. Among the many factors to research are demographics, competition, laws and regulations, pricing, hours, and more.
Mistake #3: Trying to do everything alone
Entrepreneurs, by nature, are more self-driven and confident than the average person. While these traits are often beneficial, they can work against entrepreneurs when they are unwilling to seek help.
Entrepreneurs need assistance from experts in the areas in which they are not fully versed. Additionally, trusted advisors can stop bad ideas before they get too far down the tracks or provide reassurance when moving in a favorable direction.
It is vital to surround yourself with the BEST professionals you can afford. If you’re going to climb Mt. Everest, would you hire someone who has never done it before, or would you choose someone who’s successfully done it before?
We partner with professionals that can help market your business. Marketing will be key to drive your business to success.
We also will help you build your network, as networking is vital to establishing your place in the market and building toward the future.
We’ve helped thousands of entrepreneurs avoid making these mistakes, and we can do the same for you. Contact Visa Business Plans today to learn more about our business planning and one-on-one coaching services and how we can help you to successfully do business in the U.S.
Visa Business Plans is led by Marco Scanu, a certified coach from the University of Miami with a globally-based practice coaching Fortune 1000 company executives, entrepreneurs, as well as professionals in 4 different continents. Mr. Scanu advises clients on turnaround strategies and crisis management.
Mr. Scanu received a bachelor’s degree in Business Administration (Cum Laude) from the University of Florida and an MBA in Management from Bocconi University in Milan, Italy. Mr. Scanu was also a Visiting Scholar at Michigan State University under the prestigious H. Humphrey Fellowship (Fulbright program) with a focus on Entrepreneurship, Venture Capital and high-growth enterprises.
At present, Mr. Scanu is the managing partner and CEO at Visa Business Plans, a Miami-based boutique consulting firm providing attorneys and investors with business planning services in the areas of immigration and SBA loans.