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5 Small Business Mistakes That Could Cost You a Lot of Money

Posted on: November 20, 2010

Starting a small business is becoming more of a necessity these days than a luxury; with the amount of jobs in decline and the ability to easily start your own business online, more and more people are flocking to entrepreneurship.  Here’s a few pitfalls that you need to avoid, especially if it’s your first time starting a small business.

  1. Use a Unique Business Name 
    There are plenty of reasons to use a new and creative name for your business (brand awareness & loyalty, differentiating yourself in the market, etc.) but even if none of those appeal to you, there is an important legal component.  Using a name that another business has, or even using something similar that could cause confusion (like starting a hamburger stand called MacDonalds and using lets say a light green M as your logo) can land you in court and potentially cost you your business.
  2. Carry The Proper Insurance
    Insurance needs vary greatly depending on the business you start, but it’s one of the most important bills you’ll pay each month, because it protects you from potentially bankrupting liability.  If you’re unsure of what insurance you should carry, you can talk with an insurance salesman, but a better idea is to find someone in the same business with some experience and see what they purchased.  Find the proper balance between leaving yourself vulnerable and carrying too much, thus hurting your bottom line.

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