When starting a business, people tend to rush ahead because they are so excited about getting the thing going. But in their haste, they forget to do things or miss opportunities. 

That’s what this post is designed to help you avoid. We look at the most common things for people starting businesses to forget and how you can prevent yourself from following in their footsteps. 

Forgotten Item #1: Marketing

If you’ve never been involved in a startup, you won’t know how they work. The management’s main job isn’t always to create a viable product. Instead, it’s to convince investors to hand over money so they have sufficient funds to carry out their main projects. 

As such, most new businesses dedicate most of their resources to marketing. You could have a situation where five people are working on marketing and just one person taking care of all the operations. 

Marketing seems like a waste of money, particularly if you haven’t done it before. But it can generate fabulous returns on investment if you get it right. And that can propel your company to success. 

Forgotten Item #2: Telling The IRS

The next thing that people forget is telling the IRS about their plans to set up a business. Before you start, you need to apply for an employee identification number (EIN). If you don’t do that, you could be breaking the law. 

When starting a business, be open and honest with the authorities. Let them know what you’re planning to do and make sure you complete all the paperwork. Avoid getting into a situation where you have to admit years down the line that you didn’t do something or face penalties. 

Forgotten Item #3: The Trough Of Despair

At the start of your business journey, you feel excited about what the future might bring. But that can eventually lead to the trough of despair. This is the point at which you realize that the difficulty involved in making your business venture work is substantially higher than you thought at the start. 

That doesn’t mean it’s impossible. But it’s at this stage where most entrepreneurs get shaken out. Running their businesses becomes too hard and they wind up getting burned out or packing in the whole thing because of their worries. 

Therefore, you’ll want to plan for this psychological stage in your business. There will be times when it is incredibly challenging and you’ll want to quit. In these situations, you’ll want to look at it dispassionately and see where it could be in years to come, not where it is right now. 

Forgotten Item #4: Underestimating The Costs

Underestimating the costs is a common mistake business owners make when founding their companies. Many put on rose-tinted glasses and believe that everything will work out as planned. 

That’s not how it works in practice. What usually happens is that companies underestimate the cost and believe that they can do more with the money that they have. Ultimately, they wind up going bust or having to borrow much more than they expected, even if they have a viable business idea.