Avoid common mistakes when starting your new business

Perhaps you have dreamed of starting a business of your own for a long time and the opportunity is finally on the horizon.

Think the process through carefully and find success by avoiding the mistakes other new business owners have made.

Prepare a marketing plan

Many new business owners depend on the patronage of friends and family to get the company off the ground but do not forget the importance of a marketing strategy. Use all the available technology from establishing a website to promoting your company on social media.

Avoid underpricing

Do not fall into the trap of charging too little for your products or services. Make comparisons with similar products or services to keep pricing in line with competitors.

Protect your intellectual property

It is important that you protect your intellectual property such as your company name and logo from theft. File for a copyright, trademark or other proof of legal ownership.

Make written agreements and more

Embrace professionalism from the start by preparing written agreements, providing receipts for services rendered and sending out invoices. These basics will help you keep good records.

Engage in long-term thinking

Develop a long-term plan for your business. Where do you want it to be in five years? Ten years? Think about the future in terms of new products, financial goals or other visions for your company.

Rely on professional guidance

Rely on the guidance and expertise of outside resources. In addition to an attorney you can call on when needed, you may benefit from business relationships with professionals such as an accountant, a financial planner and others knowledgeable about your type of business. You can never have enough professional support for your new venture.