5 Biggest Mistakes People Make When Building a Business

Starting a new business can be very challenging. Ensuring you are met with success when taking

the first and most critical steps towards growth and development is always of paramount

concern. Avoiding the most common and costly mistakes new business owners are likely to

make can be absolutely critical when it comes to ensuring your new business is able to survive

long enough to become profitable.

Failing to Account for Details

While having an idea may be all that is needed in order to conceive of a new business, actually

starting one can be a lot more complicated than you might expect. The details, especially those

that may result in additional costs and expenses, can make all the difference when it comes to the

planning and preparation needed to launch a new business.

Lacking the Time Needed to Launch a Business

New business owners who are still holding a full-time position often lack the time, energy and

focus needed to grow their new startup into a successful financial entity. While holding a job

may provide you with the additional income needed to cover startup costs, it could be dividing

your attention in ways you may not be able to afford.

Delegating Too Soon

Handing the reins of your new business to another, even a spouse or a business partner, too soon

can be nothing short of a disaster. Your passion and vision are often key components when it

comes to early growth, and handling as many of the crucial early decisions yourself could make

a world of difference in ensuring your business is able to survive the first few obstacles and

challenges.

Having Enough Operating Capital

The time it may take for new businesses to become profitable is often far longer than many

entrepreneurs may have imagined. Lacking the capital and startup funds needed to continue

operating as long as may be necessary causes many new businesses to fold long before they

reach the all-critical tipping point that will allow them to generate enough revenue to cover daily

costs.

Failing to Seek Legal Assistance

While retaining a lawyer full-time is rarely a priority for most new businesses, there are many

issues and circumstances of the growth process that may benefit from the advice or guidance of a

legal professional. Speaking with an attorney about any legal aspects of your business growth

and develop that you may be unclear about is not an opportunity to be taken lightly.

Roman Temkin is a real estate developer and a mobile entrepreneur from New York.