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Common Mistakes that Small Business Owners Make: What to Avoid

Last updated 6 years ago

Starting a business encompasses so many details and requires so much time and energy that it’s very easy to make a few faux pas along the way. For example, entrepreneurs may resign themselves to paying high credit card processing fees or allow their best friend to become their PR consultant. While many missteps can be managed and rectified, some mistakes can result in the failure of your business. To avoid this disastrous outcome, consider the following tips to keeping your business strong and thriving.

  1. Overspending on inconsequential items. Not only do business owners make the mistake of allowing unreasonably high credit card services from credit card companies, but they also often squander more money on unnecessarily expensive materials. All too often, young entrepreneurs prioritize the way their business looks over the way it actually functions. As a result, they purchase pricey furniture or technology that doesn’t help their company, but rather depletes their bank account.
  2. Cutting corners on important business and legal matters. As mentioned, too many business owners spend money when they shouldn’t and skimp when they should invest. Such is the case when entrepreneurs decide not to buy business insurance. Often, they may also choose to not hire a lawyer to look over their lease before signing on the dotted line. Unfortunately, this frequently causes problems for business owners down the road.
  3. Mixing personal and business assets. To have a truly successful business, entrepreneurs must refrain from using their personal assets to build their company. It may take time and tenacity to secure the loans you need to start your business, but you will be better off in the end. Maxing out your credit cards will not only ruin your personal finances, but also compromise your business’ financial health. Though you should receive a paycheck from your business, the company ledger does not constitute your private checking account should you find it difficult to pay back those credit card bills.

Merchant Advocate can help you make informed business decisions regarding your credit card processing fees. We will research your current expenses, compare them to what you should be paying, and make sure that we secure the credit card expense reduction you deserve. To learn more about our services, call our Jersey City, New Jersey office at (732) 727-2073.

 

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