It’s normal to be excited about the prospect of launching a business. However, if your enthusiasm causes you to rush, that isn’t ideal. You may make choices that are hard to walk back later, creating a hardship that could hold your company back.
For example, defaulting to a sole proprietorship isn’t ideal. It leaves you at risk since your personal and company finances are entangled. Plus, you may miss out on important benefits.
Consider going with an LLC when you form your company. Usually, LLCs are more flexible and require less paperwork. Plus, they reduce liability and offer tax advantages. Just make sure that you review formation regulations in your state, as they aren’t the same across the US. Additionally, if you file yourself or use a formation service, you can bypass hefty attorney fees, making the process affordable, too.
Another misstep is assuming a trial-by-fire approach is the best idea. While you can learn a lot from making mistakes, a single error could cost you the company. That’s why it’s always better to acquire the skills you need before getting your business moving.
You could head back to school for a business degree to ensure your future success. Online programs are flexible, making balancing all of your responsibilities easier. Plus, you’ll develop your corporate finance, strategic planning, statistics, and human capital management skills, ensuring you can propel your company forward.
If you’re planning on changing careers, working with a mentor can propel you forward. The amazing career mentoring program at Career Redo can provide you with critical mompreneur tips as well as extensive knowledge and resources in your new field.