The excitement builds as you make plans for starting your own business, but there are so many things to do and decisions to make.
Be sure to avoid basic mistakes, such as forgetting to protect your intellectual property and failing to secure your interests with written agreements.
Taking a short-sighted approach
Avoid taking a short-sighted approach to the future of your business. You should have a long-term plan in mind from the very beginning. Think about what you want your business to be in one year, five years or ten in terms of financial goals, future products or personnel.
Underpricing products or services
As with overpricing your products or services, underpricing can cause serious problems. Keep an eye on competitors. Make comparisons with the pricing of similar products and claim your space in the marketplace.
Failing to protect intellectual property
Remember the importance of your company name, logo, sensitive documents or photos. You may need to file for a copyright, trademark or other legal protections for your intellectual property.
Avoiding the use of written agreements
In large part, the days of securing an agreement with a handshake are over. Do not depend on casual business relationships always panning out. Drawing up written agreements with employees, partners, suppliers and anyone who provides services will protect your business interests, ensure accurate record-keeping and help you prevent legal missteps.
Relying on professional help
From bookkeeping tips to reviewing documents such as non-compete agreements and employment contracts, you will need professional guidance as you launch your business. Having timely professional assistance will help you avoid business startup mistakes and confidently clear any hurdles that arise.