Tue 07 Jul 2015 | By:

5 Mistakes When Starting a Business in Massachusetts

Mistakes When Starting a Business

Congratulations on starting a business in Massachusetts. I know how excited you must be!

As humans we are prone to making simple mistakes. Simple mistakes that can really hurt us in the long run.

In this article we’re going to tackle the top 5 mistakes Massachusetts startups make and and how you can avoid them.


Mistake 1) Forgetting to take care of Massachusetts Business Tax & License Obligations

Small Business TaxesNo matter what industry you’re starting a business in or where it will be located, you will need to adhere to certain legal obligations.

Among the list of things to adhere to, business taxes and Massachusetts business licenses are at the top.

It’s easy to get so focused on product development or writing a business plan that you forget something like that. But no matter what, take care of them!


Mistake 2) Choosing the Wrong Location for Your Business

How to Choose a Business LocationThe second mistake when starting a small business in Massachusetts is choosing the wrong location.

All too often I drive by a cute coffee shop or business that has to close because of something simple like too high of rent or not being on a convenient side of the street.

Choose the right location by doing proper research and considering all your options. Do the work on this one. It’s important!


Mistake 3) Writing a Terrible Business Plan

Write a Business PlanYour business plan is the foundation for everything your business will do. Without it, you could potentially be side-blinded by unforeseen and unnecessary things that could have been avoided.

To avoid writing a terrible business plan, I highly recommend you look into LivePlan.

LivePlan (exclusive discount) is a business plan software that will walk you through the entire planning process with videos and examples. It covers all the important questions and where to go from there.


Mistake 4) Choosing and Incorporating the Wrong Business Structure

Business WebsiteChoosing the right business structure for incorporating in Massachusetts is imperative. The business structure you choose will determine how you will be taxed, what regulations you’ll need to watch out for and more.

After you determine the best business structure to operate under, use the guides below for forming the proper entity for your startup:


Mistake 5) Not Hiring the Right Employees

Choose the Officers and Directors for Your Non-ProfitThe right employee can make your operations run smooth and the wrong one can bring it all down.

Some people just might not be the right fit as an employee for your Massachusetts small business. That said, make sure you ask the right questions when hiring and keep a close eye on them for the first few months to help them adjust.


Wrapping Up and Moving Forward

Wrapping Up and Moving ForwardYour new business has a lot of potential. But it also has a number of pitfalls you need to watch out for.

Avoid these 5 mistakes when starting a business in Massachusetts and you’ll be well on the right track. Make sure you’re always learning how to grow as an entrepreneur and understand the ins and outs that will make you and your business a success.

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.