You know what they say: starting is the hardest part. If this year is the year you’ve finally decided to make good on starting your own business, congratulations! Taking that first step is what separates an idea from a successful company.
The first few months of your business are also the time where the bedrock of your work will be formed. Habits will start that will be incredibly hard to break down the line. It’s the most important time to get everything in place that needs to be done correctly. It is also the time where you might make mistakes that will doom your company for years to come.
Starting a business is never easy, but it’s essential that you start it with certain plans in place. Here are our 6 mistakes to avoid when starting a new business:
- Starting Without a Plan. Making a plan for your business should be the first step you take. You need to know what you want to do, how you plan to do it, at what speed, and with who else. You need to have realistic expectations for how much you intend to sell and how much you expect getting started will cost.
- Skipping Contracts. Contracts are essential. You should have everything related to your business partners down in writing from the get-go. In case anything goes wrong down the line, you want to have everything clearly defined and agreed upon from back when it was amicable. Don’t settle for a handshake!
- Doing It All Yourself. Don’t expect yourself to be an expert in every aspect of your new business. Reach out to the community around you and don’t be afraid to find some good help!
- Not Organizing. This is a huge one. If you start your business as a mess, it will never break away from that. Create systems that work for yourself and others in order to save time down the road and run things more efficiently. Take the time to set yourself up for success!
- Not Marketing. How do you expect people to find your business if you aren’t telling them about it?
- Starting Without Legal Help! The biggest mistake a lot of businesses make is trying to handle the legal aspects of running a company all on your own. You need someone who understands how the law works standing in your corner and watching your back. You need your contracts reviewed, your local permits looked over, and your product protected.
Starting a new business is one of the best feelings in the world, but you need to be well protected when you do it. If you need help with your business – or if it is already in legal trouble – contact Capshaw & Associates today. The guiding principle of the firm is the right to a trial by jury in civil cases afforded by the 7th Amendment to the United States Constitution!