Starting a small Illinois business is a balancing act. Your work and personal lives are about to change in big ways.
Dedication is part of your successful formula. You also have to plan, plan and plan some more. Otherwise, you are setting yourself up for common mistakes and failure.
Business mistakes
Many people neglect to set up a business bank account. Keeping separate personal and business accounts avoids confusion and tax problems. It also sends a professional message to customers and business associates.
Be sure you have the rights to your business name or else you may face a lawsuit. Conduct both state and national trademark searches.
Remember the importance of branding, networking and marketing. No matter how good your business, people need to know about it. Have a plan before opening your doors – or it may be too late. Think long term, too – goals and how to achieve them.
Personal mistakes
Starting a small business is personal. If you think you have thought of everything, you are wrong.
You are only one person. Pace yourself. You may burn yourself out by taking on too much. Your mental, physical and emotional well-being are vital to your success.
Do not react with emotion whenever you encounter an issue. Do not always throw money at problems, either. If you have done your homework, you have a good plan.
You have committed to making your new business successful. But what about your family and friends? You may have to cut back on some personal expenses. You will have little free time, especially early on in the endeavor. Prepare your loved ones so they know what to expect.
Fixing your mistakes
Remember: You are running a business. Like your former job, where your boss made decisions that you did not like, you may have to do the same.
No matter how much you plan, questions may arise. Some of the decisions are mind-boggling, but asking the right people the right questions ensures success.
