Since I started my freelance business, I’ve loved the freedom, but it also comes at a high cost, which is why most people don’t start their own businesses. I’ve struggled with the transition to working from home, social isolation, difficulty prioritizing for myself, lack of motivation, the slowing economy, and more. It’s not easy, but if I succeed, it will be worth it. If not, I will have learned a lot.

Evan Carmichael at YoungEntrepreneur.com recently wrote up a guide to avoiding ten common mistakes that beginning entrepreneurs typically make when starting a new venture. Evan has a ton of valuable advice, and I certainly had a few valuable take-aways for my business, so I thought I’d share his tips here. Make sure you click through to read more details about how to get around these challenges though.

1. Not enough money. “The most common reason why new businesses shut down is that the owner runs out of money. Cash flow is critical to a startup business…”
2. Not thinking survival. “At the beginning stages of a business this may mean doing work that might not be completely what you want to do but it helps pay the bills…”
3. Losing momentum. “If you had 24 hours to spend on a business they would be put to far better use by spending one hour a day than for 24 hours straight. It takes time to develop a new company and for people to react to what you have to offer…”
4. Doing it all alone. “Nobody is perfect or has the skills to do everything themselves… By getting people around you who complement your skills, you will be able to achieve your goals and have a lot more fun along the way!”
5. Not hiring help right away. “There will be tasks in any business that you, as the owner, should not be focusing on if you hope to build any sort of sizable organization…”
6. Doing it just for the money. “If you read the stories of famous entrepreneurs and how they built their organizations you will find that it all comes down to the root of loving what you are doing…”
7. Getting through year 1 and past year 2. “In year two entrepreneurs often find themselves still not making much money and the startup excitement has faded. You’ll need to work your way through the downturn and know that the money is coming if you keep at it…”
8. Not building around the customer. “The best way to make a lot of money quickly is to find a customer who has a problem and is willing to pay you to solve it - and then you go out and build the solution. Most entrepreneurs take the opposite mentality of “if I build it, then will come” only to realize that they’ve built it and nobody is coming…”
9. Not seeking mentors. “A great way to get a business going is to find out what other people have done to achieve success and implement those strategies into your own company. Find mentors who have knowledge of your industry and will give you time out of their day to help you…”
10. Not getting involved in the small business community. “Countless opportunities are generated by connecting with other young entrepreneurs and finding out what they are up to and how you can help. You will get new business opportunities, partners, investment, media attention, ideas for productive tools to use, advice for your company, and many other resources…”

[source: The Top 10 Mistakes People Make When Starting A Business at YoungEntreprneur.com]