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Don't get stuck on the launchpad as your new business takes off

You may have encountered any number of reactions when you first toward your friends and family that you planned to start your own business. Some of your California colleagues may have patted your back, wished you well, then told you that you were crazy. Others may have supported your dream and offered to help you along the way. If any of those happened to be financial analysts or people well-versed in business and commercial law, you may want to take them up on their offers.

It's often tremendously challenging taking a new business from its idea phases to fruition. A major pitfall of which you'll want to be aware has to do with finances. In fact, many businesses never make it off the ground when entrepreneurs fail to avoid certain pitfalls of the startup phase.

Common mistakes that can stall your startup progress

Starting a business is definitely not for the fainthearted. You knew this going in. You also understand that there will be ups and downs, financially speaking, along the way. However, if you don't have a good hold on your finances from the get go, chances of success may be minimal. The following list may help you avoid major problems:

  • Know where you're going to get the money for your plan before you begin. While it may be your personality to "fly by the seat of your pants" (and often that's what separates great entrepreneurs from the rest of society), you may not want to act without knowing when it comes to your startup phase.
  • In addition to knowing where your money is coming from, you may want to put in writing what you plan to do with it. Clear vision increases your chances for business startup success.
  • Simplicity is key when launching a new business. Cut costs wherever you can and work within the simplest means possible. (i.e., Do you really need a top-of-the-line, executive-size, European Renaissance style desk?)
  • Expect the best financial outcome, but prepare for the worst. Most successful business owners always have a backup plan in case of financial crisis.
  • The old saying that time is money is often very true when launching a business. If you want to get the most for your dollar, don't waste time.

You may increase your chances for business startup success if you ask someone who understands the ins and outs of the process to review your plan ahead of time.

In fact, many successful California business owners regularly meet with experienced business and commercial law attorneys to help draft solid plans and contracts and to immediately address any obstacles that arise in their startup phases or long after their businesses are up and running.

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