As an entrepreneur starting a business in Maryland, making mistakes during the startup process is unavoidable. With various tasks to accomplish involving so many paperwork and myriad requirements, it’s a given that mistakes happen even from the beginning of the Maryland incorporation process.
While there are negligible mistakes, there are those that can negatively impact the startup all throughout its business life cycle. These major blunders should be avoided at all cost for this could also threaten the existence of your small business.
Let’s get you started with the 5 common deadly sins that most startups commit and how to avoid them!
Whether you have inadvertently skipped to take care of your tax liabilities or complied with the necessary business licenses in Maryland to operate legally or not, the fact remains that you have a liability with the authorities.
The government is strictly monitoring businesses on their tax commitments and license registrations; if you cannot completely take care of all these, the IRS and the government will be after you with various kinds of penalties and fines.
As an entrepreneur, make it your foremost responsibility to completely comply with all requirements for Maryland business taxes and licenses. You can refer to our Maryland Business Taxes and Maryland Business Licenses guide for tips on to get started.
It’s perfectly normal to get excited as you go on business location hunting, but what’s not okay is when you choose the first site you set your eyes on. A big no-no when choosing business locations, there is no room for regret when you make a mistake that could potentially affect the entire duration of your business operations.
Be levelheaded and make an informed decision by setting up a criteria list of what you’re looking for in a location when starting a business in Maryland and use this as your guide.
If you do not how to write a business plan, learn how to do it instead of writing a terrible business plan. A terrible business plan paves the same path of destruction as a business without a business plan.
A business plan is the roadmap for a business to achieve its purpose and goals, so if you’re writing a business plan that is terrible, your business will still be doomed.
Do not suffer this mistake, and instead learn to effectively write a business plan using various resources and application tools. For starters, LivePlan can help you write a business plan even if you have no prior experience doing so.
Choosing the right business structure offers a wealth of benefits for your business, so doing the exact opposite can bring about a host of problems for your business too. As a startup entrepreneur, this is one costly mistake that can affect the operations of your business.
If you haven’t made up your mind about which structure you’re incorporating in Maryland, you can use this guide on how to make the right choice and utilize the any of the links below to make it an official entity.
The people behind the business are the driving force of success, so if you have hired the wrong employees, then it could negatively impact your business. Regardless if you’re a startup or a small business, you must never compromise with hiring the right people.
When starting a business in Maryland and hiring employees, always put a firm selection criteria in place to get the right people.
There are many pitfalls that a startup can fall victim to when learning on how to start a business in Maryland. From the moment of the Maryland incorporation process up to the time of completing the necessary licenses and permits, mistakes could happen.
However, the rundown of the mistakes in this guide and with your continued research of other possible common mistakes that can be committed, you’ll be able to avoid these and create a clearer path to a successful business operation.