Business Advice: Three Mistakes Not To Make

When starting a business, shortcuts might present themselves that will be tempting to take.  However, being penny-wise in the beginning could end up costing you dearly a few years down the line.

Here are three items of business advice on what NOT to do when starting out:

  1. Skipping legal counsel – Unless you know business law then you do not want to proceed without legal assistance. Did you know: your trademark does not cover all uses of your mark when using the generic classification of goods and services?
  2. Forgetting the company’s value proposition – You started your business to help your customers, then began to doubt whether it would sell without something flashy: big mistake. You need to provide the best product possible to your customers because it is what they’ll associate with your brand. It could take years (not to mention the cost) to change the customers’ perspective of your brand if you produce something that seems impressive, but doesn’t offer any solutions.
  3. Doing it alone – This company is your passion and your life, you don’t want someone to come in and ruin your vision; and that isn’t what’s going to happen. Whether it’s getting a business partner, a CFO, or a business coach; having a second set of eyes will help make your company well-rounded and grow.

Remember, running a business successfully does not need to be complicated.  Keep it simple!

For more information on business analysis, business planning, and ways to grow your small business profitably, please check out our website www.portalcfo.com.

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