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small business pitfalls

Quick tips and thoughts

When starting a small business, the overwhelming excitement of knowing your dream is closer to becoming a reality may get blurry.  Here are some things to consider.  Some things you may not need right away, but its a good thing to include them when creating your business plan and forecasting.


  • You work with family*
  • You need a business license
  • You need a resell permit
  • You need a location
  • you need insurance
  • you need to promote your business
  • you need to make sales and report those sales accordingly
  • You need to hire employees and process Payroll & Taxes
  • You hire employees, and need worker's compensation insurance
  • You want growth and need to separate business from personal


*Working with family has its pros and cons.  When you are starting out you need all the help you can get, but what will be the cost?  Everyone's effort has value.  You need to be clear and direct with your expectations.  Document how and when everyone can expect to reap from their efforts.  Make clear the risks associated with the venture.  


Here is a link to an interesting article at Fortune.com


https://www.entrepreneur.com/article/167930


 

Working with Family

 *Working with family has its pros and cons.  When you are starting out you need all the help you can but what will be the cost?