Identifying potential pitfalls for start-up businesses

People who are planning to open a new small business need to think about the potential pitfalls that may occur and then plan for them. There are several common types of problems that can arise with new businesses, and if they are not planned for, they have the potential to make the start-up fail.

One big problem that can negatively impact a business is when the owner hires family and friends as company employees. This can pose problems if the family members fail to pull their weight. Business owners need to be prepared to take care of problems early and quickly. Using the services of a professional recruiter to identify talent may be a better approach to staffing.

Another mistake start-up owners make is failing to update their business plans as the market changes. A business plan should be ongoing. When a company is new, it is likely that its market will change frequently. It is a good idea to update the plan at least on a monthly basis to address those changes. Not planning for situations in which the money dries up before the profits begin kicking in is another problem. Owners should try to get lines of credit they can use during lean times to help their company through them.

People who are planning to start a new company may benefit by seeking the advice of an attorney who has experience in providing guidance to startups. An attorney may be more knowledgeable about effective business planning. At the outset, legal counsel can assist in choosing the type of legal entity under which the business should operate. An attorney can also provide advice on the particular laws and regulations that will be applicable.

Landlords: Winter Is Coming

With snow, wind, and freezing temperatures, winter can be especially hard on houses and apartments. Before the chilly weather hits, it’s time to prepare your rental properties for the…