Thu 31 Mar 2016 | By:

5 Mistakes When Starting a Montana Business

Mistakes When Starting a Business

When starting a business in Montana especially if you are a newbie entrepreneur giddy with excitement and eager to get started on your dream business right away, you might be prone to make business mistakes.

Mistakes are easy to come by, from business tax obligations to business license and permit processing to Montana incorporation. Although this is the case, being well informed on the common business mistakes is one way to counter this challenge.

This guide points out to newbie entrepreneurs some of the common and deadly mistakes that can be committed during the early stages of the startup. A few pointers on how to counter these mistakes plus a few valuable resources are also provided.


Mistake 1) Overlooking Montana Business Tax and License Obligations

Business LicensesWhatever your reason may be, overlooking your obligations in Montana business taxes as well as not obtaining the necessary licenses and permits are inexcusable.

You may have genuinely forgotten to comply with it or you are suddenly attacked by selective amnesia, whatever the reason, this won’t be a valid excuse.

Ignorance of the law excuses no one, so always make this responsibility a priority. The focal point to completing all the requirements for business taxes and business licenses in Montana is by having a wide understanding of the entire tax and license processes.

To help you further in completing the requirements, our Montana Business Taxes and Montana Business Licenses guides provide a broader understanding of this task.


Mistake 2) Picking the Wrong Location for Your Montana Business

How to Choose a Business LocationSo you fell in love with the first business location you went to inspect, and you made the decision to sign the lease; so you can imagine how the interior’s going to look. Well, good for you if the location suites your business, but what if it doesn’t?

When choosing a business location, never fall victim to these kinds of situations. In fact, when you’re choosing a location when starting a business in Montana, bring a checklist with you.

This checklist should contain all the key points to finding the right place as it relates to your business’ particular requirements.


Mistake 3) Writing a Terrible Business Plan

Write a Business PlanCreating an appalling business plan is synonymous to the death of a business. Write a terrible business plan today, see your business crumble tomorrow.

This is what you should keep in mind when you’re planning to write an appalling business plan. A business plan is a roadmap to the growth of a business, if you’re following a defective roadmap, it won’t bring you to the intended destination.

Writing a business plan does not necessarily have to be done by a professional business plan writer, you can learn how to write a business plan with the help of applications such as LivePlan.


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

Business WebsiteChoosing the wrong business structure is bad enough, incorporating in Montana with that wrong business structure will be a disaster.

There is a point why there are several business structures to choose from, but if you’re feeling lazy or have that mentality that you can always change a business structure later, it can be a great loss to your business.

Always make it your business to research the advantages of each structure and how it associates to your business needs before making the final decision. This guide on how to choose the appropriate business structure should also give you some significant pointers. Then, you can follow the steps on the guides below to incorporate the right structure.


Mistake 5) Hiring the Wrong Employees

25 Questions You Need To Ask When Hiring An EmployeeJust because you feel at ease with the first applicant that came through the door, doesn’t mean he’s the right person for the job. When starting a business in Montana, always have a standard hiring process you can follow.

This ensures that the required skill-set and qualifications you need in your employees have been met.


Conclusion and Moving Forward

There are many pitfalls that a newbie entrepreneur could fall for while still in the process of learning how to start a business in Montana. It could happen during the Montana incorporation process or while completing business licenses and tax obligations.

While these may be unavoidable, minimizing mistakes and slipups at the startup process can help for a more successful business. Learn from the mistakes below and make sure to educate yourself more on these to steer clear from it!

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