Starting a business in Florida is difficult. If, however, you take your time and avoid making avoidable mistakes, you stand a good chance of succeeding. Here are five of the most common mistakes made when starting a business in South Florida.
Not Spending Enough Time Planning
Planning might not be the most exciting thing to do before starting a business, but it is an essential part of the process. If you rush straight through to opening your doors without adequate planning, however, you might be in a for a rude awakening. Having a strategic, well-laid out plan for your business is essential for future success.
Adequate planning includes a thorough understanding of your market, products and services, and how you fill a potential gap in that market. This planning may seem obvious, but according to research, more than 40 percent of start-ups fail to spend enough time researching, resulting in attempting to exploit a market gap that merely does not exist.
Not Understanding Their Funding Options
There are many ways to fund a start-up business. Depending on the type of business and the industry or sector it is positioned in, differing amounts of capital will likely need to be sourced. Before starting a business, it is essential to fully understand what types of investments are open to you, as well as which type is most beneficial for your business. For those looking for more significant streams of financing, angel investors or venture capitalists may be the best option. For others, speaking to a local bank for a business loan may be more advantageous. Speaking with an experienced corporate attorney can help you better understand the different types of financing available and which is right for you.
In many instances, those who are just starting out fail to recognize the value of their goods or services. This lack of confidence often stems from a fear of failure and a desperate desire to gain traction in their market. This lack of confidence, however, often results in undervaluation which can be a long, steep road from which to recover. As previously noted, detailed research of all facets of your industry is essential. This includes an understanding of the actual value for your goods or services. Undervaluation puts you on the back foot and can quickly lead to financial difficulties or ruin.
Not Understanding Technology
Starting a new business is stressful enough without avoiding new technologies. Technology is the great equalizer for new companies. It provides the basis for more efficient – and profitable – practices. Far too many new companies fail to take advantage of the latest technologies out there – instead of relying on their hard work and business acumen. Take the time to research all appropriate technologies and software’s which can help bolster your productivity, streamline your procedures and make your life easier.
Hiring the Wrong Lawyer
When it comes to starting a business, the right legal team is essential for success. Far too many owners fail to research what they need – including in an attorney fully.
If you are looking for exceptional legal services, contact the business and startup attorneys at Eskander Loshak LLP today to find out they can assist your new business. The team at Eskander Loshak have a combined 15 years’ experience in corporate law and provide clients with tailored representation to help get the business results they are looking for. So, if you are looking for a business law firm as dedicated to your success as you are, call Eskander Loshak today at 954-334-1122.