Mistakes new businesses need to avoid

On Behalf of Dunlap Fiore, LLC |

Getting a business off the ground is an exhaustive endeavor. It can take years of meticulous planning and organizing to get your dream up and running.

The extensive process of creating a business makes it easy to miss details or make mistakes. If you’re not careful, these errors can end up costing you big:

Not doing the research

Every business needs to have a plan. When you’re just getting going, it’s more important than ever to have both short and long-term goals. A roadmap that keeps your work pointed in the right direction and lets everyone working with you understand what you are aiming for.

Without a solid plan, it’s very easy to get fixated on minor details or lose track of what the overall goal is for the company.

Trying to bring an audience to an idea

In very rare cases, like Apple, a company can dictate what customers want before they want it. Most Louisiana businesses will not have that luxury. It’s important to make sure that you have an idea that people want.

It sounds harsh, but great ideas fail to catch on all the time. It’s important to understand the potential popularity of your business before you start so you can adjust expectations to scale.

Unclear roles and definitions

At the beginning of a business endeavor, it can be tempting to rope in your friends and neighbors to be coworkers. This can bite an owner in the long run, as a business that starts to take off will need clearly defined roles.

By creating definitive roles and expectations at the onset of a company, you can head off any issues or power struggles that may arise later on.

The wrong company structure

Each business will have different needs and the wrong formation can cost a new company big in the long term. It’s important to understand what each organization structure means and how it can impact your tax structure and your day-to-day setup of the company.

Don’t go with your gut when it comes to picking a designation for your business. Weigh your options and determine what is the best fit for you.

Be prepared from the beginning

When you’re thinking of starting a business in Louisiana, a skilled business law attorney can help. Don’t risk expensive errors or lengthy revisions with the wrong formation. A strong company foundation makes all the difference.