Top 3 Mistakes to Avoid When Starting a New Business: Neglect These to Your Own Detriment!

Any #business person will testify to the fact that when starting a new business there’s a lot to navigate. No matter what anyone will tell you, you’ll need to put in a lot of time, money, and effort to make a success of any business venture.

It’s really tasking!

With so much to think about, it’s not a surprise that sometimes things slip through the net. Now, while there are some things that it’s okay to forget about, there are others that can cause all sorts of problems if you allow them slip through. But this is really where most business owners make a whole lot of mistakes when starting a new business.

Now, as I have just mentioned you cannot take away the element of risk with running a business. There are hundreds of things that could go wrong. But that doesn’t mean you should allow those common ones, which can be avoided by all means, to sabotage your success.

In this post I want to highlight the most common mistakes business owners make when starting a new business. I will also briefly point out the impact these mistakes can have on your business if you allow them slip through.

So, if you’re thinking of starting new venture in the coming year or you already own a business but you know things are not the way they should be, then you will want to read this post very carefully. This will help you protect yourself and your business from any unwholesome experiences in the days ahead.

Avoid These Common Mistakes to Protect Yourself & Your Business

1. Not Securing Your Trademark

Just for a minute, imagine that you are the founder of Coca-Cola. You launched your business but made the fatal #mistake of not securing your trademark – aka your famous red logo. This was because you didn’t think it was necessary. This meant that another brand was able to trademark it and claim it as their own, and now they use it to make their drinks seem more appealing to consumers. You’re no longer able to use it, so you’ve basically got to start your business again. This is because everyone thinks that the other brand using your trademark is you.

What a pickle to be in. The worst thing is that this whole predicament could have been avoided. If you’d opted to use a company like Secure Your Trademark to protect your trademark, you wouldn’t have had this issue. You may not be the founder of Coca-Cola, but your business’s trademark still needs protecting. Unless you want someone else to use it, that is.

2. Failing To Take Hacking Seriously

A lot of business owners presume that hacking is only something that affects massive companies, not small startups. However, that’s not the case. Hackers aren’t fussy about who they target; they target anyone and everyone. So, regardless of the size of your business, you need to take the risk of being hacked seriously.

This means having strong passwords that can’t be easily guessed on everything. From email accounts to cloud storage, everything needs a secure password. It means having IT support to ensure that you’ve got adequate online security in place. It’s also a good idea to encrypt sensitive files. This is to ensure that should they be hacked, they can’t be understood.

3. Not Taking Employee Rights Seriously

Whether you have four employees or 400, you need to take employee rights seriously from the start. A lot of business owners don’t make an effort to get to grips with employee rights and end up in a sticky situation because of it.

If you don’t think that you have time to deal with employee rights, get the support of an on-site or virtual HR team. As a #business owner, you need to take any complaints from employees seriously. Whether they’re about sexual harassment or unfair dismissal, you need to take them seriously. Because if you don’t, you could end up in court being sued.

Conclusion

It doesn’t matter what type of business you are starting, these mistakes could frustrate your efforts if you allow them. But that shouldn’t be having learned how potentially dangerous they could be. You can’t afford to give room for any error in this matter. Use this knowledge to protect yourself and your business starting now, instead of adding to the many risk of running the business.

This quote is right on point:

“Everybody says, mistake is the first step of success” but the real fact is,.. correction of mistake is the first step of success!”

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Top 3 Mistakes to Avoid When Starting a New Business: Neglect These to Your Own Detriment! was first posted on November 24, 2016 at 9:12 am.
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