Thu 26 Nov 2015 | By:

5 Mistakes When Starting a Business in Hawaii

Mistakes When Starting a Business

It is unavoidable to make mistakes when starting a business in Hawaii. While there are negligible mistakes, there are also deadly ones that could cripple your business startup. And although there may be mistakes that can be rectified, there are those that leave lasting effects during the entirety of your business operations.

Mistakes that range from using the wrong business structure while filing for the Hawaii incorporation process up to hiring the wrong people for the startup could be more fatal than what you’d expect. This guide will point out to you these usual mistakes and what you can do to correct them.

After all, starting a business on the right foot can set off a series of positive developments that can eventually bring your business to success in the near future!


Mistake 1) Forgetting to Take Care of Hawaii Business Taxes and License Obligations

Business LicensesWhether it is intentional or accidental that you forgot to take care of your Hawaii business taxes or licenses, it could be a fatal blow to your business.

By any means, you should never forget to comply with these requirements if you don’t want the IRS and the state government breathing down your neck and ready to pounce on you.

Always make it your business to know the complete requirements for your taxes and business licenses in Hawaii. Use our Hawaii Business Taxes and Business Licenses guide to meet your obligations on time.


Mistake 2) Choosing an Unsuitable Location for Your Hawaii Business

How to Choose a Business LocationSo maybe you fell in love with the first prospective business location you checked out, and maybe, you got carried away with that overwhelming feeling, and you immediately signed the lease for the place without thinking things carefully. Choosing a location when starting a business in Hawaii can be tricky.

Although there are locations that may seem to be the best out there, keep in mind that they might not be the most suitable for your kind of business. Remember, there’s a difference between what you think is the best location and what is actually the most suitable for the specific needs of your business.


Mistake 3) Making a Terrible Business Plan

Write a Business PlanDo not make a business plan, and your business is in trouble. Make a terrible business plan, and your business will still be in trouble. The importance of writing an effective and solid business plan cannot be stressed enough. Writing a business plan is not rocket science.

Simply knowing your business inside and out and what works best to achieve its goals are a good starting point. Further, use LivePlan to learn how to write a business plan to become successful.


Mistake 4) Selecting and Incorporating in Hawaii with the Incorrect Business Structure

Business WebsiteThat moment when you ditched the whole research process of getting to know the different business structures, and just outright selected one, which you felt complemented your type of business best, could single-handedly wreak havoc on your startup.

If you don’t want to destroy your business long before it has even started, always do research of the different structures that will meet your requirements best. Use this Startup Savant guide to help you better understand business structures.

As soon as you made the right business structure choice, incorporating in Hawaii using the links below will be easy-breezy.


Mistake 5) Hiring the Wrong Employees

25 Questions You Need To Ask When Hiring An EmployeeSometimes, it’s normal to get excited to hire people to help with your startup, but you must never hire the first person that comes through your door.

When starting a business in Hawaii, always take the right people on board your venture, so they can assist you in their full capacity with the skills that you actually really need from them.

True, hiring employees when you’re a startup can be quite tedious, but you must never compromise your hiring process just because you need employees. Always do the hiring process step by step and get the right people.


Wrapping Up and Moving Forward

Open for BusinessAs a new startup entrepreneur learning the process on how to start a business in Hawaii, it is important to be vigilant and careful from all the possible mistakes that you might encounter.

Mistakes such as doing the Hawaii incorporation process incorrectly or not fulfilling your business tax or license obligations can be a great impediment to the success of your business. Right from the time of the Hawaii incorporation process up to finding the right talent pool to employ, everything should be done carefully.

Remember, the ones mentioned here are just the tip of the iceberg of the mistakes that can possibly happen so take the initiative to research further and steer clear of these mistakes.

About Liesha Petrovich

Liesha is a small business owner of 20 years, host of Startup Savant, the owner of a karate dojo in Maine, and creator of Work Mobly. During free time she's with her family and working on a Doctorate in Entrepreneurship.