Texas small business owners are usually a highly motivated group of people willing to put a lot of time and energy into their companies. Although they may have the willingness to do what it takes to succeed, most end up failing in just a short time. In fact, approximately 80 percent of small businesses close their doors for good within 18 months of launching.
A person who is about to start a new venture may be able to achieve success by looking into what these new small business owners do wrong. Common pitfalls like poor accounting, the failure to do marketing and a lack of any vision for the future may be avoided with some pre-opening day planning. While developing a solid business plan is crucial, it is also important to adapt to changes in the market. A failure to do so is another mistake that leads to the closure of many new small businesses.
Although new owners may be very confident in their product or service, they can’t forget to consider the competition. Underestimating the competition is another common mistake that a lot of new small business owners make. While evaluating the competition, an owner can develop a marketing plan that makes the business stand apart from the rest.
Some entrepreneurs run into costly legal issues early on that they didn’t anticipate. The lack of required licenses and permits can be a significant problem, and an attorney who has experience in advising start-ups can ensure that this is addressed even as early as the business formation stage.