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5 Common Mistakes That Could Kill Your Business Before You've Even Started

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A run down of the 5 most common mistakes startups make which can seriously harm their business further down the line, or even kill it. I've included tips of how to avoid these mistakes, as well as helpful links.

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5 Common Mistakes That Could Kill Your Business Before You've Even Started

  1. 1. common mistakes that could kill your business BEFORE YOU’VE EVEN STARTED 5
  2. 2. 1 SHAREHOLDERS AGREEMENT
  3. 3. Even if you’re great friends with your founders...
  4. 4. ... it’s a pretty bad idea not to have a shareholders agreement!
  5. 5. Having a solid agreement may save those friendships later down the line... You never know what may happen!
  6. 6. 2 EMPLOYMENT GUIDELINES
  7. 7. Outline what you expect from your staff and the procedures for any disciplinary action...
  8. 8. If you don’t have one in place there will be nothing to fall back on in case of a dispute.
  9. 9. 3 DOING EVERYTHING YOURSELF
  10. 10. Don’t do it!!!
  11. 11. Founders and CEO’s often get bogged down minutiae...
  12. 12. ...when they should be focussing on the big picture.
  13. 13. This can be dangerous in so many ways as...
  14. 14. They cobble together documentation drawn from internet research or free templates that is not legally sound
  15. 15. They become disillusioned because they’re not doing what they’re good at
  16. 16. They become worried they’re not doing the admin correctly
  17. 17. Using experts doesn’t have to be expensive
  18. 18. You should use people that know what they’re doing to ensure you don’t have to worry.
  19. 19. We use Geniac, who do everything from accounting to legal compliance so you can focus on what you’re good at... Find out more
  20. 20. Growing your business!
  21. 21. 4 UNAWARE OF LEGAL OBLIGATIONS
  22. 22. Terms and Conditions or Private Policies on websites are often not done well!
  23. 23. Depending on your business, if you store data of any kind...
  24. 24. ...you need to be registered with...
  25. 25. the Information Commissioner’s Office or this could void your cyber liability insurance and put you in breach of the Data Protection Act.
  26. 26. 5 NOT GETTING INSURANCE
  27. 27. Finally, if you don’t sort out insurance...
  28. 28. this means that any accident in the workplace or during activities carried out for work, is not covered
  29. 29. Workplace accidents may be the last thing on your mind, but for just a small fee a month you can get this covered
  30. 30. Taking care of the small things, or the ”boring” parts of your business are hugely important and will have a lasting impact on your company
  31. 31. You don’t need to do these things yourselves, or hire more people into your company
  32. 32. Use experts instead and concentrate on the reason you started up in the first place Find out more

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