Setting up a new business is an exciting undertaking. But did you know that more than 18% of new businesses fail within their first two years of operations? This data point from the U.S. Bureau of Labor Statistics can be quite concerning for aspiring entrepreneurs. To ensure that your business is well-settled on the path to success, here are 12 mistakes you should avoid making when setting up an online business: Not making a business plan Without a business plan, you’re setting your new enterprise up for failure. Every new business must have a plan, even if it’s only one page long. This plan details the cost of operations, anticipated sales, and your product’s unique selling point (USP). Having a plan of action will help you build your business consistently. A well-made business plan includes the following: Background information Confidentiality Products and services offered Industry status Market analysis Production and quality control strategies Financial projections Executive summary Taking too long to launch Once your business plan is ready, do not wait too long to launch. Your timing is everything. If you’ve noticed a niche in the market that is not being catered to yet, it’s time to do your research and get ready to launch.