• IGNORING YOUR FINANCES (ESPECIALLY TAXES) THIS IS MORTAL FOR YOUR BUSINESS AS WELL AS FOR YOUR PERSONAL STRESS.
Be proactive about your finances, even while your earnings or revenues are low. Setting up Income and Expense Budgets is the best way to keep yourself on track.
Hire an expert, to help ensure you’ve covered all your bases. Hiring an Accountant for your business from the beginning will save you many headaches. They can help you on how legally structure your business, in order to take the best advantages of Tax Savings. Whether as an LLC or an S-corp. Additionally, an accountant can guide you through deductions you’ll want to track, like mileage, business expenses, even office rent and utilities.
You can also get a better understanding of your tax liability, which will change depending on your business. If you sell products, for example, you may have to pay state sales tax, depending on where your business is located. Every state is different this is why it is important to get the help of someone with the right background.
•ISOLATING YOURSELF IS NOT GOOD FOR YOUR MENTAL STATE OF MIND OR YOUR NEW BUSINESS.
It can be very challenging at the beginning to have to wear so many hats and juggling different task can feel overwhelming. If you work from home its very easy to become isolated from the world.
However, it can become very lonely and sometimes discouraging. The trick is to make yourself get out into the world. Schedule lunch or coffee dates with friends or colleagues and attend regular networking meetings and get the word out into your community. If you have some wiggle room in your budget think about looking into a co-working space outside of your home they can not only provide a chance to mingle with other entrepreneurs to build your network and provide a needed boost of creative energy.
•WORKING 24/7 IT’S VERY EASY TO DO WHEN YOU WORK FOR YOURSELF.
Long hours is often a natural part of being an entrepreneur, but be cognizant of work-life balance. You need establish a schedule and get into a routine. Especially if you work from home but is also useful no matter where you work.
If you find yourself pulling too many late nights than its time to step back and assess look for process improvements. Entrepreneurs too often overlook selfcare however it is extremely important not just for your personal state of mind, but it’s taking care of yourself is one of the most effective ways to keep your business running smoothly and on a path to success.
•THINKING YOU CAN DO IT ALL YOURSELF
Yes, you’re on a budget and it’s hard to pay 3rd parties at times but there are many times that this is totally necessary. If you shift your focus on what your good at your business will inaudibly flourish however if your trying to do too much, then many things will fall through the cracks. Therefore, as your business grows it is vital that you keep a in mind those things that can either be outsourced to delegated to new hires.
•NOT GETTING LEGAL ADVICE
Just as an accountant a lawyer (especially one who specializes in working with entrepreneurs and start-ups) can help ensure that your business is properly structured and that you have documents like contracts, proposals and scopes of work that are correctly written to protect you and your business. In the early days of your company, you don’t necessarily need to keep a lawyer on retainer. But at least consider an initial session with one to validate that your business is on the right path. Then, should you need further legal counsel down the road, you’ll already have someone to call. Especially if your business involves contracts or working with other companies, you’ll want to invest some time and money into securing legal expertise.
•IGNORING THE BASIC MARKETING FOR YOUR BUSINESS
You are the best person to promote your business. And you want to make it clear that the world knows you’re open for business, as well as what products or services you provide. That’s why it’s ideal to at least cover the basics: set up a website, create a logo, print business cards and set up a couple of social media channels.
In today’s world marketing can be extremely overwhelming therefore as mentioned earlier in the post, this might be one of those items to consider outsourcing some of it as you grow.
However, the best marketing you can do is to attend networking events make this a part of your regular schedule in your community make sure that people out there know who you are and how you can help them. Tell your story and put a face to your business. Keep in mind that you are the reason that person is going to do business with your company.
It’s very common to think that since you are launching a new business and your new to the market you must to come in under just to get in the door. This is especially true with people that are starting a new career path. However more than likely you are an expert at whatever services you are providing or whatever product you are selling. Why? Because this is your baby your entire life is invested into it, so why would you not give yourself credit for your knowledge and dedication. Of course, you need to research the market and make sure that you are within your ranges but don’t under estimate your value because if you do so will your clients.