There can be a lot of unpredictable ups and downs when starting and running a successful business. A lot of the challenges are surprises that the business owner will simply have to learn along the way. But if you are starting a small business, there are definitely measures that you can take to prepare your venture for success.
By following these do’s and don’ts, you can be better prepared to set your small business up for success. Here are the steps that you should follow when starting a business:
- Limit your liability by incorporating your business, or by organizing it as an LLC.
- Submit an application for a federal tax identification number
- Talk to a tax professional
- Prepare a detailed business plan
- Network with entrepreneurs, suppliers, and customers.
- Consult an attorney to discuss forming your business, disclosing information, corporate formalities, necessary documents, and more.
Conversely, here are some major pitfalls that you should avoid when you start your business.
- Waste money on upscale office space and furnishings, unless it is necessary for your company’s image.
- Order business cards, stationery, or promotional materials without searching existing trademarks.
- Allow your employees to breach their contracts.
- Spend money that must be set aside for taxes.
- Sign contracts as an individual. Sign them on behalf of the company.
- Procrastinate buying insurance.
- Try to do everything on your own. Seek a business attorney who can help your company succeed. If you are starting a small business, you can contact Robert J. Kaufman, Esq. & Alex B. Kaufman, Esq. for counsel from attorneys who are experienced in business formation.