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Things To Avoid As Long As Possible For Business Startups

by James Pinter

The first major pitfall new business owners tend to do is to attempt to immediately incorporate. This is a mistake though, as it's really only necessary to become a corporation once there is a steady flow of consumer cash. Being incorporated when the business hasn't even begun to make a profit is a waste of time and resources that could be better spent elsewhere. As always though, there is an exception to the rule: outside investments. If other people have begun investing in the company, then being incorporated is a necessity because it allows you to deposit said investment and to gain access to an internet merchant account.

The next major pitfall is to not partake in any sort of internet based ads (such as AdWords) until you're well informed of your product's economical capabilities. These cheap internet ads may seem like a fun and cheap alternative to something like a commercial, but a recently opened company has no way of measuring the effectiveness of such advertisements until they can accurately calculate their own revenue stream. So, simply put, just don't do it. A good alternative is to look into cheap (as in zero cost) advertising that you can do yourself. Blogging for example, or verbal word of mouth, are great ways of getting a product's name out there with the only cost being time, which is much better than money.

Finally, the last major pitfall that early startups tend to fall into would be hiring outside consultants, public relations agencies, or even small sales forces. This is an especially easy trap to fall into: your company has just started, and you can't be bothered to deal with all of the promoting and selling yourself. This is a trap though, as these people are not you, this is not their company, and so its potential failures are not theirs either. While it is true that they are probably effective at what they do, there is no way of knowing if they will be more effective than you until you give it a shot. And, similar to the previous point, an important benefit of doing it yourself is that it can be done at an optimal cost (that is, for free).

If you can adhere to all of the above principles, your business will blossom and you will actually be ready for all of these things in no time.

James Pinter writes guides to help small businesses; he enjoys giving advice on working from home. He regularly keeps in touch with business advice news.

James also helps with small claims court and VAT return advice for your business.