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3 business formation mistakes that could set your company back

Wanting to start you own business may have come about for many reasons. You may have always had a product idea in mind that you thought could lead to success, or maybe you simply found yourself fed up with having someone else tell you what to do and decided to act as your own boss. Whatever the reason, you may feel ready to get started on getting your new company off the ground.

Though ambition and enthusiasm could potentially work to your advantage in the business world, it may benefit you to remember that you will likely have to put in a lot of hard work, even before your company opens its doors. You undoubtedly know that there is a high failure rate for small businesses, but if you work toward avoiding certain mistakes, you could have a greater chance of success.

Failing to plan

Your excitement may have you feeling like you could jump right in with your business idea and get your company running. However, if you attempt to start a business without taking steps to plan, you could put yourself in a difficult situation. You may not consider planning the most fun aspect of the process, but many questions need answering before you can get started, such as:

  • What type of business structure will suit your company?
  • How do you plan to market your business or product?
  • Have you set goals for your business?
  • Do you have a financial plan?

If you do not consider these questions, you may end up making your business formation process more difficult.

Avoiding marketing

Marketing can play a considerable role in how consumers find your business. If during your business planning phase you simply decided that word of mouth would generate your business, you may cause your company to miss out on business opportunities. Word of mouth alone may not generate nearly as much business of which your company is capable. Therefore, you may wish to consider various marketing techniques.

Forgetting legalities

Once the idea of starting your own business hits, you may just want to set up shop and open the doors. However, in order to properly run a business, you need to ensure that the necessary paperwork is in order and that your company complies with related business laws. If you do not have contracts, structure designations, agreements and other documents in order, you may set yourself up for legal problems.

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