As much as other things certainly matter, business always comes back to money sooner or later. It's important that you don't forget this, even if it isn't your primary focus right now. Avoid the two mistakes below to avoid seeing just how bad a financial situation can get.
Empty Savings
There is absolutely no way to know how the economy is going to swerve during the first few years of your business. The first few years are critical; those are the years when you're never sure if you're going to make money from one day to the next, and you're much more likely to owe tons of money to creditors. Because of the unpredictability of your business, you should just assume the worst: minimal sales, and high costs for materials and labor. When figuring out how much you should put in savings, include factors such as these. Create a worst-case scenario financial plan, and make sure you have the majority of that in an account that gains interest while it's waiting to be used. These funds can be used to keep your company afloat and pay your employees when times are tough or when unexpected expenses come along.
People Stop Caring
Maybe your audience is losing interest in the services you provide. It's fairly normal that interest would fade with time, and you may have to rejuvenate your business plan to bring more customers in the door. This can be done by brainstorming with the other people who represent your company, or those who help you run your business. Figure out what may bring more people in the door, then execute those ideas. Before you proceed with those ideas however, make sure that they're sustainable, and if they aren't, you make it perfectly clear. Nothing's more annoying than a service being limited when it was never explained that it was.
Ultimately, your business needs to have some money in supply at all times, or else it (and you) will suffer. Always keep a little in savings, and make sure that you keep your business fresh and interesting to keep it flowing in the door.
