Fri 18 Dec 2015 | By:

5 Mistakes When Starting a Business in Illinois

Mistakes When Starting a Business

There are mistakes that are negligible, and then there are mistakes that are detrimental and life-altering. In business, the same case applies.

There is no perfect way to start a business in Illinois, but learning how to curb mistakes that could alter the existence of your startup should be clearly observed.

From the moment of your incorporation to hiring people to be onboard your team, many mistakes can be committed. These mistakes are common enough, but not a lot of startup entrepreneurs are aware that it could significantly impact a business’ lifecycle. Every entrepreneur dreams of a thriving business, one that lasts for a long, long time if possible. If you want a successful business too, then you should avoid these biggest blunders outlined here.


Mistake 1) Not Completing Illinois Business Tax and License Requirements

Admit it, taking care of Illinois business taxes and business licenses is a headache, so you decide to forego this task for a while. When you do, make sure that you are seriously aware of its ramifications. A business foreclosure may be around the corner.

So before you decide to skip the task of completing the requirements for business taxes and business licenses in Illinois, ask yourself whether you’re ready to close you’re your business for something that could have easily been avoided.


Mistake 2) Selecting an Unsuitable Location for Your Illinois Business

Falling in love with the first location you find for your Illinois business is a big no-no. More than the aesthetics of a certain business location, there are many considerations that should be noted. For picking a location when starting a business in Illinois, create a list of location criteria needed for your specific requirements.


Mistake 3) Creating a Weak Business Plan

You create a weak business plan, and you use this to serve as a path for your business operations. When you do this, you have just added additional risk to your business. This is because a weak business plan converts to a business susceptible to pitfalls and competition. Learn how to write a business plan that serves as your business’ strong foundation. Writing a business plan isn’t rocket science and you can get started with a business plan software like LivePlan.


Mistake 4) Picking an Inappropriate Business Structure and Incorporating in Illinois

Deciding haphazardly on the business structure by which you will incorporate your Illinois business is business suicide. Choosing a business structure may be a fairly easy task, but picking the wrong one to incorporate is a headache. Know your business structures, compare and weigh the pros and cons, and then decide which is right for you.

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Mistake 5) Appointing the Wrong Employees

So you scrap your hiring process, and hire the first person to come through the door. Congratulations?

Appointing the wrong people to help grow your business may actually hold down its success. When starting a business in Illinois, remember that employees are not just merely workers, but these people, given the right qualifications and attitude, can be the driving force to have a thriving business. Start your business with the right team!


Wrapping Up and Moving Forward

Wrapping Up and Starting a BusinessIf you understand the ramifications that could result when you commit the above mistakes, you will realize the importance of always being cautious and making informed decisions.

Know the pitfalls when you’re learning how to start a business in Illinois. The key to avoid or even curtail these mistakes is to be educated about it. If you are conscious of these mistakes, the lesser the possibility of making them. Start your business on the right footing by being savvy!

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.