Small Business Start Up Mistakes Buffalo NY

Here are the top 10 small business start up mistakes to avoid. Read on and you will find more advices on how to start up your business and how to develop your business.

Niagara Small Business Development Center
(716) 434-3815
50 Main Street
Lockport, NY
 
Dove Life Solutions, Inc.
(800) 581-0160
PO Box 11
Buffalo, NY
 
Dunkirk Satellite
(800) 522-7232
37 Church Street
Cortland, NY
 
Lehman College SBDC
(718) 960-8806
350 New Campus Drive. Morgan 3
Brockport, NY
 
SUNY Institute of Technology at Utica/Rome SBDC
(315) 792-7546
572 South Salina Street
Syracuse, NY
 
Small Business Development Center
(716) 878-4030
1300 Elmwood Ave
Buffalo, NY
 
Plattsburgh State University of NY SBDC
(518) 564-2042
103 Rich Hall
Oswego, NY
 
New Windsor Satellite
(845) 867-2702
452 Broadway
Monticello, NY
 
SUNY Brockport
(585) 395-8410
350 New Campus Drive. Morgan 3
Brockport, NY
 
Tioga County Satellite
(607) 687-2020
103 Rich Hall
Oswego, NY
 

Small Business Start Up Mistakes

Millions of people each year start up small businesses around the world. And, the vast majority of them will encounter challenges along the way. By learning what the most common mistakes made by new small business owners, you can work to avoid them as you establish your own small business.

Here are the top 10 small business start up mistakes to avoid:

1. Lack of Market Research Before you start a new business, be sure that you complete a thorough market analysis of the industry, the local and regional opportunities and the costs involved with the opportunity. This valuable research can help you to avoid selecting the wrong business opportunity and can also ensure that you correctly price your products and services.

2. Lack of Accurate Records Records are crucial for any small business. Some of the most important business records include tax forms, tax payments, expense logs, employment documents and legal documents. Without accurate records, you are placing yourself and your business at risk.

3. Lack of Capital Many small businesses begin without sufficient capital to sustain them. Be sure that you have taken an accurate assessment of the required start up and operating capital for your new business and add additional funds in the event that you run into unforeseen challenges.

4. No Merchant Services Capacity Many consumers prefer to make payment for their products and services using a credit card instead of with a check or cash. So, if your business does not accept this form of payment, you are limiting your pool of potential customers, and ultimately costing your business revenues.

5. No Business Plan While this would seem to be common sense, many business owners fail to build a business plan. And, without a business plan, you have no clear cut business direction.

6. Lack of Suppliers Nothing is more frustrating to customers than not being able to obtain the products that they are seeking. Your business needs to establish working relationships with reliable suppliers so that you can consistently provide products to your customers on an ongoing basis.

7. Over Staffed Too many employees can place a large financial strain onto your business. So, be sure to under staff until you are comfortable with the number of staff required to manage your business on a day to day basis.

8. Lack of Employee Supervision While we would love to trust every employee we hire, leaving employees alone without supervision can open yourself up to theft or lack of work due to personal distractions of the employee. Be sure to install camera equipment in your business if you are unable to be present during all working hours to monitor activity.

9. Ineffective Hiring Choosing the wrong employee for a job can be costly. Spend time in the interview process and use systems to improve your chances of a strong hire.

10. Lack of Business Security One of the largest costs that many businesses incur is employee theft. Be sure that your business is protected by use of cameras, software programs and cash register programs that monitor activity to reduce your risk of loss.

Salim Omar, author of Straight Talk About Small Business Success In New Jersey specializes in providing accounting and tax services to small business owners and professional practices in NJ. Salim's articles are featured in various national magazines including Accounting Today, The CPA Journal, Chiropractic Economics, Wealth Manager and The Two River Times. You may request a free copy of Salim's new special report titled "How To Drastically Reduce Your Taxes By As Much As 62% This Year Alone And Put Thousands Back In Your Pocket" at http://www.OmarGroupCPA.com



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