Common Mistakes First Time Business Owners Make and How You Can Avoid Them

In mid-May, the U.S. Bureau of Labor Statistics (BLS) reported that approximately 21 million people were unemployed, many out of work because of the COVID-19 pandemic. Without a steady income coming in, many began seeking other ways to generate some sort of revenue in order to keep up with their everyday expenses. While some continue to search for new work opportunities, others are trying to start small businesses of their own. But starting a small business can be tricky, especially if you are entering uncharted territory and/or you don’t have a business law attorney to guide you.

So, if you live in Florida and are thinking of starting a small business, there are a few mistakes you will want to try and avoid so that your investment is spent wisely, and your business is given the opportunity to flourish.

Business Mistakes You Want to Avoid

You don’t know your partners as well as you should. If you came together with a few people who all decided it was time to start a business together, you need to be sure you all are going in with the same goals and are in agreement with how things are going to be run. Forbes also recommends that you have a written buyout formula that all parties agree on in the event a dispute arises and someone wants out. The Orlando, FL business law lawyers at Legal Counsel P.A. would be happy to help you write up the formal contracts that are needed to protect your investment.

You don’t have a well-crafted business plan. Most small business owners will likely tell you that they took the risk and started their business knowing things could go terribly wrong. However, what they may forget to include is that they had a business plan in place. Forbes suggests that you “develop a plan to effectively manage the resources of your business and you working capital and know exactly where it goes.”

You expect instant success. After all the legal contracts are signed and you announce you are open for business, don’t expect instant success because it doesn’t come that quick. Forbes says that “many small businesses struggle to become profitable or deliver the kind of wealth their owners expect in the first few months.” Businesses take time to grow so you must give your business the chance to do this before assuming you did something wrong.

Now, before you sign a contract, lease agreement, or any other formal document, you should consider contacting Legal Counsel P.A. so that you can consult with an Orlando, FL business law attorney. A business lawyer will not only help you avoid making one or more mistakes that could jeopardize your business down the road, but they can prevent you from signing something that isn’t in your best interest.

Legal Counsel P.A. has an office in Orlando which is located at:

189 S. Orange Avenue, Ste. 1800

Orlando, FL 32801

Phone: 407-395-2653

Website: www.legalcounselpa.com

Email: [email protected]