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.
No matter what industry you’re starting a business in or where it will be located, you will need to adhere to certain legal obligations.
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!
The 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!
Your 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.
Choosing 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:
The 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.
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.