I'm not a or financial or legal professional.  I've just begun and bootstrapped a lot of companies. Forming an organization from the ground up is one of the most challenging things I have done.

If you are thinking of starting a startup, my hat goes off to you because it's far from easy. Here are some 8 tips to help you avoid some of the common business mistakes entrepreneurs make when starting a new business.

1. Funds flow administration is critical

Most startups fail for various reasons, but one is far more common than others running out of the fund. We need to know where every single dollar is arising from and where every single dollar is going.

Don't stay on top of your funds flow, and you are going to put your company in a critical position. It doesn't matter how great your plans might be when you run out of funds, you hit a brick wall. Establish a budget and stick to it.

 2. Track and monitor all spending

A startup, there are going to be expenses appearing at you from every direction. Hiring a full-time staffer to manage the books, in the beginning, isn't very budget-friendly, so use accounting software to remain organized.

Not only will this help with fund flow administration, but it also makes it much more convenient when tax time rolls around every cycle. As you grow, the accounting becomes more complicated; you will need to examine hiring a professional.

3. Define your fixed investments in the starting

At the beginning of a startup, keeping your finances low is the key to durability. You don't need a vast decorated office in the heart of your town or fully catered meals three times a day.

Operate so you can allocate the majority of your funds to grow, which will allow you to implement any perk you want. Too many startups concentrate on the wrong things like fancy offices and over the top amenities and forget that generating income should be their top priority.

4. Remain confident but prepare for the worst

You never know what happens when starting a company, so it is best to prepare yourself for the worst possible situation. Don't quit your job and reduce your primary source of income until your business can replace that income.

Keep reserves both personal and business in an emergency savings account. You can never be too prepared for critical situations. Sadly, they do often happen when you least expect them. A business person, you are responsible for your retirement, so when you start making capital consider things like a Roth IRA and some expenses, even small ones. Anything is better than nothing consider micro-investing opportunities or allocating capitals monthly to an online program like E*TRADE.

5. Every moment of your time has financial value

Nothing has more business value than your time. You only get so much of it everyday, so consider that when you are planning your schedule and day-to-day tasks. Every minute you spend doing something unrelated to your business is time and money wasted.

6. Concentrate on client acquisition

Without customers, you have no business. The earlier you figure out how to acquire clients and scale, the higher the chances are of your organization making it. Once you identify different income flows, work on optimization to lower your costs.

It isn't very easy to test every possible acquisition channel at first, both in terms of time needed and cost, so focus on the most profitable possibilities. Once you successfully scale, you will have the economic capability to explore other channels.

7. Make assured you pay yourself

Dedication and hard work to your company alone aren't going to put food on your table you need to pay yourself. While you don't need to compensate urself with a substantial fat pay, in the beginning, make sure you pay yourself enough to exist.

Give yourself enough to live conveniently and focus on increasing your company. When you reduce personal financial stress, it allows you to stay ultra-focused on your business. You can't eat ramen noodles forever. Give yourself some padding and comfort.

8. Establish financial goals

Rather than say, "I want to build a multi-million dollar organization," you need to break financial goals down into reachable and measurable ones.

Monthly, weekly or daily revenue goals allow you to stay on track and make the arrangements necessary for continuous growth. You can also set milestones to hit along the way, giving you a lot of smaller goals to always run. Knocking out little aims can give you the courage needed to keep powering into the entrepreneurial journey.