1. Bad Advertising – Most new small business owners get
bombarded people trying to sell ad space. Do your research and determine if
your customer profile matches that of the publishers audience. And don’t commit
to long term anything. If they stand behind their product, they should allow
you to test it for your business. Chris Sonjeow of LoveBookOnline.com
2. Space is the biggest and most common money waster I’ve
seen for small businesses / entrepreneurs in my 22 years of business
experience. I’ve seen supposedly educated business people and naïve newcomers
overpay, overbuild and overspend on buildings, lease, rent storefronts,
leasehold improvements, fixtures, and signage. Rich Patterson of
PattersonBrands.com
3. The place I’ve seen my clients waste the most money is in
paying for custom websites they don’t need. There are a lot of great companies
offering template-based solutions for all kinds of sites now that will keep a
small business’ costs down while they’re learning what they need in a site.
Leona Laurie of ohleona.com
4. The number 1 waste of money for a young startup is either
developing a business plan or outsourcing front-end development. The first
wastes your time and money since investors typically only require a 1-pager to
vet your company, and the latter (if you’re building a web-app) proves that
your team is not adequate and will most likely get outperformed by your peers.
