There are a lot of ideas new business owners have that aren't so good, but coming into an entirely new environment solo can result in a trial-and-error mentality that could be deadly for a small business. Financial planning and business advice are key to avoiding some of the biggest entrepreneurial mistakes.
Don't cut corners
It's a good idea to keep expenses low, but picking the cheapest storefront possible or hiring a cut-rate lawyer won't do any favors for revenue. Identifying where money should be spent and how much each investment will net your company is key, so talk to an experienced businessperson or banking representative for financial tips when you're torn over something cheap that may otherwise be inopportune.
Plan for the future
Be careful to not price your goods too low. Some owners think it will attract business to undercut local competition, but there's a reason why some things are priced the way they are. Lowering prices means cutting revenue, and if you should try to raise prices in the future, customers might balk.
A new business model should include plans on how you want to progress. It may feel like here and now is the most important moment for a business to succeed, but if you don't have benchmarks for success, you won't have any idea if you're meeting goals, staying stagnant or sliding backward. If you need help determining how to make sure your business stays on track, talk to someone for financial investment advice before the problem escalates.
Willingness to learn
There is never a period in a business' existence when it should be considered complete on all fronts. If the market changes, if you need a new employee, if taxes laws are rewritten or a natural disaster strikes, you have to be prepared to move with the rest of the world.
This can of course mean being tuned in to your customer base. If a product isn't selling well, seek out feedback or leave comment cards. Tweak advertising or come up with entirely new ideas to draw attention to your product. Be flexible and innovative, but don't try things that seem risky. Just because something is new doesn't mean it's reasonable, and maintaining good business sense should never be abandoned in light of new methods.
You should also look at competitors to gauge their success; you may not be the only one suffering.