E32: Five Mistakes New Business Owners Make

As your business coach, I am also going to remind you that starting an LLC or a corporation is the foundation for growth. You should not build your business empire on top of a sole proprietorship because there's no separation between you and the business."

- Asha Wilkerson, Esq.

Episode Summary:

As we start a new year, there are five mistakes many new business owners make that I want to review with you so that you don’t make them yourself.

The advice I’m sharing with you today are things I wish someone told me when I was first starting out building my business. Understanding these mistakes will help you build your business on a strong foundation and enable you to thrive and prosper into this new year.

What You’ll Learn On This Episode:

  • [03:13] Creating pace to rest and rejuvenate 
  • [04:07] Mistakes new business owners make  
  • [04:28] Mistake #1: Waiting to file an LLC  
  • [05:40] A rule of thumb for any business  
  • [09:08] Mistake #2: Not finishing the proper business formation paperwork 
  • [10:25] Following through with these other important steps  
  • [12:40] Mistake #3: Not paying quarterly taxes 
  • [16:08] Mistake #4: Not building an audience before launching a business 
  • [18:40] Mistake #5: Getting distracted
 

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