Common Pitfalls in Your First Year of Business And How To Avoid Them

1. Common Pitfalls in Your First Year of Business And How To Avoid Them Starting a business is no small task, so we don’t treat it like one. It takes tremendous courage to take your magnificent caffeine-fuelled idea and turn it into a legitimate business. It can be both scary and exciting at the same time; scary as you’re investing all your time and energy into an idea without the guarantee that it will work out and be successful.

2. We encourage entrepreneurs to begin with the end in mind. Because, you’re right. It is a scary journey. But with the right plan in place, it doesn’t have to be quite as anxiety-inducing as a Google search tells us it’s going to be when we’re starting out. Here are the top 5 early-days pitfalls we see and how you can avoid them: 1. THE TANGLED PERSONAL/BUSINESS CHARLIE FOXTROT OF A BANK ACCOUNT This is number 1 for a reason. If you decide not to do anything else, please do your future self a favour and open a separate bank account and credit card for your business. All of your expenses and income must run through here and come tax time, you will thank your past seld and first bumo them fist bump for their thoughtful consideration.

3. 2. TRYING TO DO IT ALL YOURSELF Being an entrepreneur is hard work as it is, everyone has their talents and their enjoyments. At some point, you will want to outsource the non-core functions (marketing, accounting, etc.) of your business. For obvious reasons, it is not viable to outsource everything in the early days, hence you will have to suck it up and work those overtime hours evenings and add that eighth day we wish they would add to the week. Although, having at least one person on your side can be critical to your success. Pick your least favourite thing to do and hire someone else that is good at it to do it. 3. GETTING DISTRACTED BY OPPORTUNITY Once you make the jump, the world and opportunities really do open up. There is so much opportunity out there. Staying focused and committed to your task at hand can become quite difficult, especially if you are an ambitious individual. But it is important you stay focused.. Setting goals will help steer you away from these distractions that might seem like they are great opportunities. 5. NOT KNOWING THE END GAME What does success look like to you? Writing this down somewhere and looking at it constantly can help immensely during times of uncertainty, exhaustion and overwhelm. Having a vision board can help in those tough times of duality. These pitfalls can be hard to avoid all by yourself, H&T Accounting is here to help you and your business succeed. Call us today and discover how our services from our experienced team can help you take your business to the next level! Get in Touch With US :- www.handt.ca 905-858-0775 5805 Whittle Rd.,#203, Mississauga ON, L4Z 2J1 handt@handt.ca