Starting your own business requires creativity, tenacity, and plenty of hard work. Taking the right steps early on can – and will – pay off down the road when your business finally takes off. In the same vein, taking shortcuts now could be seriously detrimental to your business when you hit your first roadblock.
Here are the 5 most common errors.
1. Not Registering for Limited Liability Corporation Protection
After writing dozens of versions of your business plan, meeting with partners, and getting your supply chain in order, filling out even more forms probably isn’t the most appealing idea in the world. Waiting to register as an LLC can seriously impact your business and personal finances, however. Setting your business up as an LLC from the start can help protect your personal assets from lawsuits brought against the company. With a small business lawyer in Florida, it’s easy to register and get LLC status.
2. Partnering with the Wrong People
It’s easy to pick business partners on a whim, especially if friends or family members seem as excited about your idea as you are. But picking your partners is a major decision. Look for people with relevant experience in the industry, as well as those who have the insight that’ll be needed to take your business to the next level. While it may be tempting to choose family members or friends, mixing personal and business relationships can get messy when challenges arise.
3. Winging Your Marketing Plan
Marketing is an overwhelming task for many small business owners. If you’re itching to get your business off the ground as quickly as possible, you might be tempted to try a ton of marketing strategies just to see what works. These expenses can add up quickly and leave you with less money to spend on marketing efforts that actually yield returns. Take the extra time to research effective marketing strategies for your industry and market, and use that data to create a plan. You’ll have to put the time into this exercise eventually, so you might as well do it correctly the first time around.
4. Not Taking Enough Risk
You’ve already taken a significant risk by starting your own business, but don’t let your adventurous spirit end there. Bringing in investment partners, trying new marketing strategies, adding locations, or expanding your product line are changes that might feel too risky for your small business. Just keep in mind that without taking risks, your business will never be able to expand beyond a certain plateau.
5. Not Delegating Enough
As a new business owner, you might be pretty protective of what you’ve built. At the end of the day, however, you can only do so much. If you try to handle everything that your business needs, you’ll reach a point of burnout. Instead, focus on what you bring to the business and how your unique skills can help it grow. Delegate tasks and certain day-to-day responsibilities as much as possible so that you can focus on expanding your company. You should also have specialized experts on your team. Keep a small business lawyer, a banker, and an accountant on your team to avoid making costly mistakes.
Get Your Small Business Up and Running
Are your ready to bring your small business idea to fruition? Let us handle the legal aspects as you figure out how to reach your goals. Call the Law Offices of Peter M. Feaman, PA today at (561) 734-5552 to learn about what we can do for your business.