Many aspiring entrepreneurs are eager to launch once they develop their business idea. However, it’s important to take the time plan carefully to avoid some common start-up pitfalls.

The Business Development Bank of Canada (BDC) is the only Canadian financial institution devoted exclusively to entrepreneurs, so when it comes to the mistakes new businesses make, BDC has seen it all.

More often than not, neglecting to plan is the biggest mistake entrepreneurs make when getting started. Taking time to create a business plan and preparing a realistic financial strategy can help you identify key milestones and make those early stages of a business a little more stable.

As important as it is to plan for your business, it’s equally important to monitor projections and adjust where needed. Ensuring the business and financial plans created are living documents help new business owners spot potential problems sooner rather than later.

Finally, Canadian entrepreneurs need to consider current trends in technology and marketing to successfully launch. Investments in new technologies can pay off for a business by supporting its productivity, efficiency, growth and profitability. Online marketing tools can be a cost-effective avenue for raising brand awareness while easily targeting a business’s unique target audience.

Find the full list of common mistakes that plague many new businesses on the BDC blog.

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