When transitioning from a small family business to an institutional one, strategies and structures change. One of the common mistakes when making this transition is not having the right financing, which can affect the ability to position and differentiate in the market.
Failing to conduct a prospective analysis is another mistake that can be made when expanding a business. Conducting small-scale tests is vital to have a clear idea of the viability of the decisions being made.
Neglecting customer needs and behaviors is a mistake that can be avoided by conducting market studies to better understand the buyer. Impulsively starting without a detailed business plan can also lead to problems, as it is essential to have clear goals, strategies, market, and financial projections from the beginning.
Lack of working capital and being unaware of the competition are mistakes that can harm the long-term stability of the business. It is crucial to have trained individuals in product management, finance, marketing, and administration, as well as to thoroughly analyze the competitive environment.
Not having the right leaders in each area can be an obstacle to the company's long-term growth. The lack of support networks and mentorship can also result in missteps that could be avoided.
In conclusion, it's important to keep these common mistakes in mind when starting a business in 2025, as avoiding them does not guarantee success but increases the chances of doing so in a more sustainable and successful manner.
