If you’re thinking about joining the ranks of the more than 405,000 small business owners in Florida, it’s important to do your homework. While it’s easy to get caught up in the dream of owning a successful enterprise, the reality is that many small businesses end up shutting their doors not long after opening them. In the second quarter of 2014, 10,673 establishments started up in the state of Florida and 16,293 shut their doors.
The quarters since have not been much more promising. As a financial adviser, I’ve worked closely with numerous business owners in the Miami-Fort Lauderdale area. Many of these businesses have flourished, but I’ve also observed common missteps they face along the way. If you’re ready to hang your own shingle, these are a few mistakes to avoid.