Newbie Mistakes You Shouldn’t Make When Starting A Small Business

Have you finally decided to start a small business? If so, and you already figured out what to do
and are already ready to venture into the business world, then have you considered screening your
new business idea if it’s mistake-free? Before you enjoy the wild rate of the business world, one
thing you must avoid is to take some common and rookie mistakes especially since it’s your first
time operating your own small business. These mistakes come from as small as something that
will cause you inconvenience to something that is as huge as killing your business before it could
even start. While you prepare yourself to conquer the business world, here are three newbie
mistakes that you shouldn’t make.

  1. Your idea was not patented
    So, you’ve finally come up with a brilliant invention that will leave such a grand impression on
    your customers. Anyone would think that once you get started on selling these products, you are
    now free from business problems, but that is not always the case though. Many great ideas were
    stolen and passed off as their own invention when it’s not theirs in the first place. And so, as
    soon as you have created a great idea, then immediately apply to have it patented. This will help
    you secure your ideas to yourself and eliminate the risks of you being stripped of your exclusive
    rights. You can start the process of applying for a patent over the internet, you never know, you
    may find out that someone already has the rights to that idea of yours.
  2. Your domain name was not registered
    Now that we are living in an internet era, even small businesses are now seeing the importance of
    having a business website. Many rookie small business owners simply disregard the need to
    register their website’s domain name, only to find out too late that their chosen domain name is
    already used by another site. When picking a business name, make sure that you research the
    internet on what domain names are available, and from there, you can choose your business
    name. You wouldn’t want to set up a business with a domain that is already taken by others.
  3. Your financial records are not properly recorded
    When running a business, recording each and every financial transaction—regardless of how
    small it is—should always be a must. From the very first day that you opened your business to
    the public, every dollar and cent should be accounted for. One of the most common mistakes of
    first-time small business owners is that they tend to take financial records lightly and oftentimes
    cross the line between business and personal spending. This mistake alone can lead to an even
    bigger problem. Some of your expenses may not be accounted for and could potentially damage the
    financial foundation of your business. Keep a strict record of all your financial transactions in
    record boos and have these books checked regularly. If you cannot do it yourself, hire a
    bookkeeping service company to do the record-keeping.

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