Trying to Do Too Much By Yourself
A common problem for many new business owners is that they think they can do everything on their own. This "one-man band" strategy might be a great way to keep costs low at first, but it's not the smartest way to ensure long-term success.
You may not need to go out and hire full-time employees, but small business experts say that all entrepreneurs need at least two additional team members: a lawyer and an accountant [source: NFIB]. Find an experienced, highly recommended small business lawyer and pay him or her a retainer. You don't want to have to scramble to find a lawyer when you desperately need one.
The same is true of an accountant. Do your homework and find a reliable accountant with experience working with small businesses. You should do this well before tax season so that you don't feel rushed. A good accountant can help you organize your financial records from the beginning to make everything easier later on.
When you decide that you can afford to hire more employees -- perhaps a full-time marketing professional or a salesperson -- spend the time and energy to find the most qualified person for the job. Good employees are one of the most important investments you can make in your business. Never hire friends or relatives out of pure convenience [source: Henricks]. It's hard enough to fire a stranger, let along your brother.