Ten Missteps That Could Cost You Your Business – Part 1

Starting a business in a digitally connected age, ripe with diversified financing opportunities may leave today’s entrepreneur with an overwhelming number of choices for getting his or her name out into the marketplace. Fortunately, some tried and true rules have authenticated their staying power – research, expert advice and thorough planning. To ensure proper preparation, it is just as important to know what to do as what not to do when surveying methods for starting a business.

Misstep #1. Getting Rich Quick: When you hear about a young, slick entrepreneur with a simple idea that brought him/her seemingly overnight riches, it is easy to get caught up in the moment and think you can do the same. What did it take that person to get there? Short-changing yourself of the journey to success is the quickest way to achieve overnight failure. Stay within your financial means and plan for the future. Rome was not built in a day and neither will your fortune.

Misstep #2. Starting a Business While Employed with a Potential Competitor (or its staff): Starting your business involved in a lawsuit can mean disaster. Confirm all non-compete agreements are reviewed and calendared. It is good to be ambitious, but an impulsive move can land you in hot water.

Misstep #3. Diverging From Your Business Plan: When you formulate a business plan, funding is reliant on your abidance to it. Do not let your ego get in the way. You may open yourself up to accusations of negligence by straying.

Misstep #4. Legal Mistakes Can be Solved Later: The moment when you get a lawyer to solve your legal problems is probably too late. Make sure you have done your due diligence and have the proper resources in place to properly guide you how to start a business the right way.

If you are willing to follow these four, you may have what it takes to see your business through. Next time, we’ll share the remaining six.

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