Welcome to the How of Business with your host, Henry Lopez, the podcast that helps you start,

run, and grow your small business. And now, here is your host. Welcome to the How of Business

podcast. This is Henry Lopez. And this episode is about helping you identify and hopefully avoid,

or at least minimize some of the most common small business startup mistakes.

I'm going to share with you my top seven common small business mistakes to avoid so that you can

start and grow a successful and profitable small business. For the show notes page for this

episode and all my other small business resources and to learn more about my one-on-one coaching

and group coaching programs,

please visit the howab business.com. I also encourage you to please subscribe to my show

wherever you might be listening so you don't miss any new episodes. And I want to take a moment

to thank a few of my recent small business coaching clients, including West, Dave, and

M. I welcome the opportunity to serve as your coach and help you

start and grow your businesses. Here is my top seven most common reasons small business startups

fail. These are the mistakes that you hope to avoid or minimize to give you the highest

probability of success with your small business startup.

Number seven, poor research and planning.

So one of the biggest mistakes I see people make in starting their first business is not

spending the time or learning how to or doing the work of creating a detailed business plan.

I'm not necessarily referring to an elaborate, highly

robust business plan. Maybe that is what you need, but in most cases what we need, even if

it's just for ourselves, is a document that gathers and presents all of the research, all of the

planning, the details of our business model, our financial projections. It compiles all of that

...