Poor Financial Management
Pitfall
: Misjudging costs and profits.
Avoidance
: Keep detailed budgets, records, and hire financial help.
Inadequate Licensing and Insurance
Pitfall
: Lacking licenses and insurance.
Avoidance
: Get all required licenses and comprehensive insurance.
Lack of Proper Planning and Scheduling
Pitfall
: Unrealistic planning causing delays.
Avoidance
: Create detailed plans, realistic schedules, and use project management tools.
Failure to Vet Subcontractors and Suppliers
Pitfall
: Hiring unreliable partners.
Avoidance
: Thoroughly check references, licenses, and past work.
Inadequate Marketing and Customer Relationships
Pitfall
: Poor marketing leading to fewer projects.
Avoidance
: Implement a robust marketing plan and build strong client relationships.