9 Startup Mistakes to Avoid (Part One of a Two-Part Series)

Have you been thinking about launching your part-time tax practice into a full-time venture?  Don’t let the recession intimidate you.  For many, this economic downturn presents the perfect opportunity to inject their businesses into a depressed market and experience a strong showing as a result.

While startup mistakes are common, and expected, you can take measures to avoid the greatest pitfalls by avoiding the most common mishaps.  In this article we share 4 of 9 mistakes you can avoid in order to enjoy greater success more quickly.

1.  Not researching the market before entry

Not even your enthusiasm can make up for a lack of research regarding your prospective practice and its intended market.  Before launching your business full-time, do a little research to ensure your intended niche can sustain your practice.  If you plan to service small businesses, your “research” can include a drive down your main street, or you can thumb through the yellow pages of your local phone book.  How many small, local businesses can you find?  Consider that these don’t even include the countless entrepreneurs working from their homes.  This potential client base is huge and continues to grow every year.

2. Focusing on a narrow niche

It’s always good to specialize-be it restaurants, construction companies, retailers, etc.; it can help your business to have an industry-specific focus.  However, if you narrow your focus too much, you may eliminate many prospective clients.  We suggest you focus on small business and then, perhaps select a specialty within that venue.  That should keep your niche wide enough to attract the clients you need sustain your business.

3. Launching too slowly

There’s a risk in launching too quickly (for example, without having done the necessary research), but the risk for launching too slowly is even more common.  Once you’ve done the necessary research, have developed your vision and business goals and have determined the best time to enter the market, you should move forward with your undivided attention and energy.  Doing so will ensure your business the greatest likelihood of success.

4. Forgetting about branding, marketing, and sales

Stuart H. Britt said, “For a business not to advertise is like winking at a girl in the dark.  You know what you’re doing but no one else does.”  As a tax professional, you may think that focusing on your craft is the most important strategy in launching your full-time business.  While that is important, your expertise will get you nowhere if you don’t have any clients.  You must dedicate some of your time and energy to promoting your services.

As you pursue your dream of owning and operating your own full-time tax practice, you can avoid failure by avoiding common startup mistakes.

Return next week when we’ll be sharing the final 5 startup mistakes:

5.    Being short on passion

6.    Spending too much money

7.    Bringing in unnecessary partners

8.    Lacking clarity in long-term business goals

9.    Refusing to receive further training

Attracting Even More Clients

One thing to consider when marketing your business is how to leverage all your skills in order to attract as many potential clients as possible.  You may not realize just how much business you  could get when properly promoting your QuickBooks expertise.  From setup to consultations to help services, you could increase your offerings with no effort at all.  It just depends on how you promote it.

Increase your clientele using a skill you already have. To learn how to promote your QuickBooks expertise in order to gain more clients, order QuickBooks Made Profitable today.