Common Small Business Mistakes

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What Are some Common Small Business Mistakes?

Small businesses are becoming more and more popular.  Many people are attracted to the idea of marketing their own idea and having control over their own products or services. Advances in technologies such as internet websites can definitely make the process of starting a small business easier. 

However, there are many mistakes that can be made when starting or operating a small business. In many cases, these are due to a person being very eager to start their business, without being able to foresee mistakes in the long run. These can easily be avoided through proper planning and consultation with business and legal professionals. 

Some common small business mistakes include:

Also, you should have a plan for business succession (i.e., who will take over the business if the operators become incapacitated or deceased). Ending a business doesn’t always have to spell loss; in fact, selling your business at the right time could be the most profitable thing to do in some cases.

How Can Small Business Mistakes Be Avoided?

Most small business mistakes can be avoided through simply through thoughtful planning.  If you have a well-drafted, professional business plan, most simple errors can be avoided. 

Also, many business errors can be attributed to a lack of knowledge of the local business laws in your area.  For example, you may have heard of a good business idea from a colleague. However, if they had success in their area, it might not work in your region if the business laws are different in your particular region. For example, zoning and land use ordinances can be drastically different, even within the same state or county.

Do I Need a Lawyer for Help with My Small Business?

Working with a lawyer can help you avoid some of the more common small business mistakes. You may wish to contact a qualified business lawyer before you even begin planning, so that they can help you draft up a sound plan for your operation. Also, your lawyer can help research the laws in your area, and can represent you in court if you need to file a lawsuit. 

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Last Modified: 09-22-2015 10:44 AM PDT

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