12. Neglecting to draft a solid business plan

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Why this is important
Operating without the necessary permits exposes your business to fines, shutdowns, and legal scrutiny.

For example, let’s say an online streaming service doesn’t secure the appropriate licenses for broadcasting content in certain regions. This can result in legal action from regional authorities. Or, assume a local craft brewery neglects to malaysia rcs data renew its liquor license. This can lead to temporary closure and financial losses.

Risks: Closure of business, legal actions, and significant fines.

Three tips to avoid this mistake:
Research all required licenses and permits specific to your industry and location.
Schedule regular checks to ensure timely renewals.
Consider hiring a legal consultant to guide you through the licensing process.
Key insight:
Licenses and permits let your business run. Stay on top of them for steady operations and to avoid legal troubles.



A business plan acts as a roadmap for your venture. Starting without one is like navigating unfamiliar terrain without a guide.

Let’s say an aspiring influencer launches a platform without a clear monetization strategy. This can result in inconsistent revenue streams. Or, assume a person opens a boutique in an area without researching the target audience. This can lead to low foot traffic and eventual closure.