• 95% of startups fail; learn five mistakes to avoid to ensure yours doesn't.
• Learn who you should be taking your business advice from.
• Discover Galit Ventura's best piece of advice for starting a business. 

Starting a business takes meticulous planning and consistency. Startups, especially those new to an industry, often get caught unprepared and make mistakes along the way. If you want to achieve success, it's' helpful to know what to avoid.

Moreover, many factors contribute to the failure of a new business. One of them is that their founder is inexperienced. Therefore, they lack the necessary skills and knowledge to manage a company properly.

Fortunately, there are many lessons we can learn from startup failures. There is no magic formula that can guarantee success, but there are several things'' startups should do before they launch. Here are five things to keep in mind.

1. Get Advice From The Right People

Seeking advice is essential from the moment you decide to start a business. While choosing your path is important, you should ask questions to prevent blindly pushing forward.

This is also applicable when your company is on a rising or falling trajectory.

Generally, most people are happy to receive professional advice. However, it's not always so simple for them to follow the guidance they are given. That is where advisors come in.

There are several individuals you can turn to for this professional advice:

• Lawyers
• Accountants
• Business coaches
• Seasoned business owners

These experts should be at the top of your list when seeking guidance. They can offer you honest opinions, suggestions, and recommendations to help you avoid many startup mistakes.

2. Always Plan Ahead

Have you heard the saying "two steps forward and one step back?" From a business perspective, this means that reaching your goal won't' always go smoothly.

You should expect various obstacles along the way, but they should not deter you from remaining virtuous and tenacious. There's nothing wrong with preparing for worst-case scenarios because you cannot control everything.

Keep in mind these questions before setting up your business:

• What are your objectives and goals?
• Is your company prepared to deal with a setback?
• Do you have a business plan?
• When do you want to achieve each of your objectives? Is the timeline feasible?

3. Hire the Right People for Your Team

You can't manage a startup by yourself, at least not for very long. Putting together a talented and effective team can assist you in realizing your ambition. You need to create a team diverse enough to jumpstart your company. But how can you do that?

First, you need to figure out what you excel in. Once you've identified your skills and shortcomings, look for people who can complement your strengths and improve on your deficiencies.

However, sometimes the most qualified people on paper might not be the best fit for the job. Therefore, inquire about the candidates' passions, goals, and priorities to know them better. Remember, don't' judge a book by its cover.

4. Become Financially Responsible

Being financially responsible is viewed as a way of life. Always evaluate the worth of a single purchase, and that value should always be favourable to the rate of return in your business. Meaning, don't' squander your money on items you don't require.

Allowing a short-term financial risk to jeopardize a long-term financial benefit is not a good idea. Always ask yourself, "will this aid or hinder my company's growth?"

Moreover, setting financial goals allow you to make the required modifications for continuous growth. Even small accomplishments can provide you with the confidence you need to continue on your business journey.

5. Always Do Your Research

Before launching your startup, remember these things:

• Don't try to start a business without knowing what you're doing.
• Ensure that you've completed your homework and have a strategy for each step.
• Here are some points to why research is essential to a startup company:
• Gauge your competition
• Understand your customers
• Ensure there is a viable market
• Know how to sell your product

Starting a new business might be intimidating. But it doesn't have to be. You'll' be confident in launching your startup with all the facts gathered from your market research.

With all the experience I have had starting multiple businesses and myself using the lessons I have learned that I have shared with you today.  The biggest obstacle I have experienced with my clients that are starting a business is fear of failure.

My number one piece of advice for anyone that wants to start their own business is to take that first step.  Many times, that first step is the hardest.  But just like anything in life, with each step, things get just a bit easier.  It is possible to have your own business, to make your dreams your reality.  Stop waiting until you know everything, instead be prepared and ready and start today.

Editor's Note: Thanks for reading our article by Galit Ventura, Business Expert and Professional Speaker at Empowering U. We hope it has helped you gain a better understanding of mistakes to be aware of when starting a business. Members at SavvySME have additional questions on the subject, so we have responded to some of these FAQs below.