Starting a business can be a high-stakes venture, especially if you are investing personal funds or relying on it for income. If you’ve made it this far, you likely already have a solid idea and strategy for your business. Unfortunately, a successful business requires more than just a good idea.

In fact, there are several common — and surprising — pitfalls many entrepreneurs make when starting their business. The good news is these pitfalls are largely preventable. This guide, written by Madeline Clarke for TechRepublic Premium, outlines 10 common mistakes to avoid when starting a business.

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2. NOT HAVING A CLEAR PATH TO PROFITABILITY

So you have an amazing business idea but aren’t quite sure of the logistics required to make it profitable. If this sounds like you, I suggest you hit the brakes before you jump head first into this plan.

Failing to map out a clear path to profitability can prolong the time it takes to turn a profit. And the longer it takes to get out of the red, the greater the likelihood that you will exhaust your resources and experience business failure. Additionally, securing investors for your business will be far more challenging, as investors will only be interested in your business if you can show them a plan for how the company will achieve profitability.

Fortunately, navigating a path to profitability is possible with a well-thought-out business plan with financial projections to back it up. This plan should be based on your business finances to form realistic projections supported by data. Consider aspects like operating costs, marketing plans, customer acquisition and projected revenue. Assessing these factors will help you reach projections and insights that can improve your business’s financial health and help you determine ways to reach profitability in as little time as possible.

Improve the chances of business success with our in-depth nine-page PDF guide. This is available for download at just $9. Alternatively, enjoy complimentary access with a Premium annual subscription. Click here to find out more.

TIME SAVED: Crafting this content required 20 hours of dedicated writing, editing and research.