Tue 19 Jan 2016 | By:

5 Mistakes When Starting a Business in Indiana

Mistakes When Starting a Business

When you’re a startup entrepreneur all eager in starting a business in Indiana, it is easy enough to get caught up in so many tasks and responsibilities that the margin for committing errors becomes bigger and more likely.

While there are negligible errors, there are also mistakes that could be costly to your business if committed. Mistakes can happen through any phase of your business formation, from the Indiana incorporation process to hiring employees.

While you’re in the process of forming your business, use this guide on the five common mistakes a startup entrepreneur can possibly make and avoid it at all costs. In doing so, you will be able to eliminate future obstacles and increase the likelihood of a successful business venture.


Mistake 1) Overlooking to Take Care of Indiana Business Tax Requirements and License Obligations

Business LicensesOverlooking your requirements and obligations when it comes to Indiana business taxes and licenses is a mortal sin in forming a business. If you’re prepared to face a string of penalties, fines, and even imprisonment in the future, you can continue overlooking these requirements.

As a startup entrepreneur, it is your responsibility to complete each and every requirement for business taxes and business licenses in Indiana. To ease you into completing this task, follow our Indiana Business Taxes and Indiana Business Licenses guide.


Mistake 2) Picking an Inappropriate Location for Your Indiana Business

How to Choose a Business LocationAs a startup entrepreneur, the fall-in-love-with-the-first-business-location-you-see syndrome is a common occurrence. This case may be okay if the location you choose is appropriate for your business, but what if it’s not?

Therefore, when looking for that Indiana business location, think about what it can do for your business and how it can benefit from the location. Use this insightful guide when searching for that most appropriate location when starting a business in Indiana.


Mistake 3) Drafting a Terrible Business Plan

Write a Business PlanWriting a terrible business plan makes the foundation on which you build your business frail, which could consequently put your business at risk of failure. Potential problems and unforeseen issues cannot be anticipated without a good business plan.

If you’re bent on writing a business plan that could propel business success, let LivePlan help you. Learn how to write a business plan now while your business is still about to start.


Mistake 4) Choosing the Wrong Business Structure and Incorporating in Indiana with It

Business WebsiteDue to the reason that there seems to be not much difference between the various business structures, you haphazardly pick one, without any serious consideration of its ramifications and thinking it is suitable for your business startup.

With what you thought was the right business structure, you incorporate your business and then from there, everything goes downhill. Know that choosing the wrong business structure and incorporating in Indiana can happen and it can seriously backfire on your business.

Learn how to choose the most appropriate business structure using this guide. Then, you can refer to the resources below to guide you on how to form that specific structure.


Mistake 5) Employing the Wrong People

25 Questions You Need To Ask When Hiring An EmployeeDo not sink your boat even before it has set sail by bringing in the wrong people. When starting a business in Indiana, especially if it is a small enterprise, it can be so easy to overlook the entire hiring process with the thought that there are other more important things to accomplish when forming a business.

Keep in mind that the employees you hire are the very people who you will be working with on a daily basis to run and grow your business.


Wrapping Up and Moving Forward

Open for BusinessIn business, there are many errors and complications that come along the way right from the time you decide to start your business.

However, if you’re fully aware on how to start a business in Indiana the right way and you’re aware of these probable mistakes and complications, they shouldn’t pose too much of a threat to you as an entrepreneur.

Always being in the know and updated on the dealings of the industry you’re in can make a big difference on how successful your business will be. Start with the possible mistake during the Indiana incorporation process and work your way up to other common mistakes that could hurt your business operations.

Remember, be a savvy entrepreneur and avoid these mistakes, and you’ll be on your way to successful business operations!

About Ryan James

Half hardworking hermit, half avid adventurer, Ryan founded Startup Savant to simplify entrepreneurship and pay it forward by donating a portion of all revenue to support children's education via DonorsChoose.org.