1ïžâ£ Choosing the Wrong Business Structure: Setting up with the right structure is essential. For example, sole proprietors face tax rates up to 30%, while companies pay a flat 22%. For startups seeking funding, a company structure may be the best option. ð¢ðŒ
2ïžâ£ Vague Assumptions on Income Generation: Mistake: Relying on undefined revenue assumptions. It's vital to have a structured plan for income growth. ð°ð¡
3ïžâ£ No Clear Path to Profitability: Without a roadmap to profitability, achieving long-term success and attracting investor interest can be challenging. Set defined, achievable goals. ðð£ïž
4ïžâ£ Unclear Business Model: Define how your startup generates revenue, set your pricing strategy, and plan for scale. Regularly adapt your model based on market feedback. ðð
5ïžâ£ Dilution of Shareholding: As you raise funds, stay aware of your shareholding dilution to protect equity and retain control. âïžð
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