If you’re like me, and most other entrepreneurs, you are excited about your new business idea and want to get your new business started right away. Often us energetic start-up business people neglect some of the less glamorous, more boring tasks in our quest for success. These are the types of activities that are boring, confusing, time-consuming and a hassle. Don’t make these entrepreneur mistakes in your rush for business success.
However, if you neglect these items now you may pay dearly for a business failure later. It is a little like going to the dentist. Nobody likes to go to the dentist, however, if you ignore your dentist long enough you could end up with a toothache that will make you beg for a dental appointment. If you put off some of these hassling steps from as the fatal mistake list below such as doing regular inventory, you could end up with an inventory mess such as running out of critical ingredients for your product production and be out of stock of best-selling items and lose sales, which could have been fixed by a regular monthly inventory.
Review this list below of the common types of mistakes that lazy business owners make and how you can avoid disaster with just a little planning plus grinning and bearing it now, to stay safe and in business later.
Default to Sole Proprietor Business Structure – Not Setting up LLC or Corporation.
If you are lazy and do not study business structures to select the right one for you at your onset launch later on down the road when you want to bring in partners or accept venture capital you discover that your laziness in not setting up either an LLC or Corporation venture capitalists are not interested because there are no stock shares to exchange for their investments the same is true for bringing in partners without a properly structured LLC they will not be interested in becoming partners in your business venture because there is no protection for their capital investments.
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Forget to do Trademark Search of Your Company Name
A common entrepreneur mistakes I see with many of my business consulting clients is their failure to order a trademark name search for their chosen new company brand name. They say that they Googled it and did not see anything on Page #1 and thus wrongly assumed that there were no other businesses using that name.
Then after investing substantial capital in logo development, printing business cards and stationery, sign construction and advertising they receive a legal letter telling them to cease-and-desist using the name because it was already registered with another company. This type of problem can ruin a fledgling small business.
Don’t put yourself in this danger order a complete trademark name search so you are sure that your desired business name is available for use for your usage and then proceed to protect it by registering it to prevent others from using your name and confusing your prospective customers.
Doing too Much DIY and Neglecting to Hire Professionals
Another common beginner entrepreneur mistake I see is people trying to do everything themselves to save money, even those activities that are outside of their skill set such as designing professional logos and building their own websites.I recommend that you hire a professional logo designer such as those at 99 designs read our review here, to get a great logo at a good price your precious startup capital is better spent, a few hundred dollars worth, on a great logo that you will use everywhere to promote your brand then on other miscellaneous items such as expensive office furniture, leased vehicles or designer clothing.
I recommend that you hire a professional logo designer such as those at 99 designs, read my review here, to get a great logo at a good price. Your precious start-up capital is better spent, it will only cost a few hundred dollars, on a great logo that you will use everywhere to promote your brand, than on other miscellaneous items such as expensive office furniture, leased vehicles or designer clothing.
You can save money for your business website design and be your own webmaster by using DIY website builders. I only recommend this for those companies who need a simple Internet presence, not a fully fledged e-commerce store. If you want a website with under 10 pages that act as a placeholder at for your business online that I highly recommend using Ipage website builder, read reviews, to save money and create a good and acceptable website for your new company.
I hope that these cautionary tales have taught you some lessons about taking proactive steps today to protect your company, your personal assets, your computer systems and your brand from future trouble today.