Pitfalls you MUST avoid when starting a business. Part 2.

6. No knowledge of attracting customers. Nothing succeeds without sales. Most of us aren’t “Dale Carnegie” like sales professionals. Be that as it may, the marketing function of all businesses, start-up or otherwise, requires the utmost attention.

7. Failure to seek professional advice. At the expense of tooting our own horn, a good CPA or attorney is worth their weight in gold. Consider professional services and related fees as insurance. The “premiums” you pay are a very small price relative to the benefit.

8. Poor choice of legal form. Should you operate as a Proprietorship, Single Member LLC, a Partnership, a Corporation? And if a Corporation should it be C Corp or an S Corp? These are critical decisions requiring professional input.

9. Insufficient experience. You may be and excellent engineer, salesman, doctor, lawyer, electrician, etc., but more than likely your training is technical and specialized. The business you are about to embark on requires skills that must be developed IF you are to succeed. You now have a marketing, administrative and production functions and YOU are responsible for all three!

10. Insufficient planning and investigation. You have got to have a business plan. It doesn’t need to be 75 typewritten pages or the length of War & Peace but you need a plan and it needs to be in writing if your start-up is to be a healthy one.

Commitment to avoiding the pitfalls delineated above is critical if you are to succeed. Period.

For those of you looking to venture out and start a business we are always happy to help guide you and, as a result, create a much higher probability of success. Feel free to call us at any time for your initial consultation. It’s on us!