Tips that new business owners won't normally hear

There are many tips and recommendations for small businesses just starting out. Many focus on how not to get in trouble with the federal government by paying taxes correctly or how to protect assets either by incorporating or signing proper non-disclosure agreements.

However, few tips focus on arguably the most important thing for small businesses to be wary of: managing money. Indeed, many entities will offer high interest startup loans but they don’t consider the ramifications against the business from a financial standpoint. Because of this, many startups operate on shoestring budgets. This post will highlight how much of a shoestring your business should consider before taking on more debt.

Marketing – It is said that marketing is the lifeblood of a business, because if your potential customers don’t know about your business, you won’t have one for very long. If you find a marketing method that works, spend the money. If the method you choose does not work initially, seriously consider finding another way to reach your base.

Fixed ongoing costs – The two highest and most unpredictable expenses for a business are people and office space. Yes, hiring good people can take a business from frugal startup to successful enterprise, and having office space adds to the credibility a business needs to attract larger investors. However, not using these properly can quickly drain the life from your business.

Simply put, small businesses must be ruthlessly frugal in their infancy. Ironically the advice of an experienced business law attorney can be invaluable. We can help avoid the pitfalls many business owners may fall prey to. 

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