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Avoid the mistakes of others when starting your business

On Behalf of | Jan 11, 2021 | Business & Commercial Law

If you have been dreaming of starting your own business, you know it requires vision, dedication and little luck. 

It is a good idea to learn about the mistakes other entrepreneurs have made so you can avoid the same pitfalls. 

Create an expansive marketing strategy

It might be tempting to rely on friends and family members as your first customers, but you must widen the field. Make use of current marketing techniques such as an informative website and a friendly social media presence to expand your marketing strategy and make potential customers aware of your new business. 

Use written agreements

Avoid casual business relationships. Get used to documenting everything. Drawing up contracts to use with partners, suppliers and others involved with your company will help you maintain records properly and avoid legal missteps. 

Protect your intellectual property

Whether it is your logo, your company name, an invention or a set of documents or photographs, you need to protect your intellectual property against theft from a competitor or departing employee. 

Ask questions

No one expects you to know everything when you are a new business owner. Do not hesitate to ask questions. Professionals such as an accountant, a financial advisor and an attorney can provide answers and ensure that you are headed in the right direction for building your business. 

Look to the future

New business owners often make the mistake of concentrating on the short term. However, your business plan should set goals for the future. Where should your business be after a year, five years or ten years? Learn from the mistakes other entrepreneurs have made. Look to the future and make your business decisions based on a long-term plan.