Starting a small business takes a lot of motivation, grit, and smarts. And thousands of people each year are driven to be startup owners. In fact, the number of new business applications has increased over the last decade with 4.35 million applications submitted just in 2020.
Why Do People Want to Become Startup Owners?
Individuals want to become startup owners for many reasons including the desire to have more independence and work flexibility, having a unique idea that they want to carry to fruition, filling an important unmet need, and envisioning the opportunity to generate significant income.
8 Mistakes to Avoid When Starting a Small Business
Launching a small business takes more than enthusiasm. Startup owners will be wise to avoid these mistakes:
Starting a business for the wrong reason. Just “needing a job” or starting an enterprise because you can’t get along with coworkers or bosses aren’t sufficient reasons to achieve success.
Thinking that a grand vision is enough when success requires a carefully thought-out business plan with defined objectives.
Believing you can just start a business and customers will magically appear. (That only happens in the movies.) You need active modern marketing methods.
Not preparing yourself and family members for lifestyle changes that can take place with the demands of starting a business.
Not handling the legal matters of a new business including selecting the right legal structure for the business and getting a protected business name.
Not separating personal and business finances completely. That means separate bank and credit card accounts.
Trying to do too much too soon, that is without adequate preparation, and without hiring the right talented people to assist you.
Not having adequate financial resources, including a backup plan in case the business doesn’t go according to plan.
Seek Expert Financial Assistance
Contact Fortis Funding based in Glen Allen, VA. Having the capital for continued growth is vital for startup owners and we have a comprehensive portfolio of business loans to meet your needs now and in the future.