As Latinos, we often want to make a great impression in everything we do, especially in the business world.

Unfortunately, for those trying to open up their own business in the United States, creating a lasting impression is sometimes hard due to lack of Knowledge.
When Latinos come to the U.S., they come with a different mind set.

They expect certain things and often act upon those expectations. This can be harmful in the long term.

1. Don’t Rely on Others to do The Important Work for You: The first mistake is to allow professionals to do the important work for you. If you want to open up your own business, we advise you choose professionals only to guide you and assist you in the process. But you should always be the one in charge of your company. After all, it’s your business and your idea.

2. Starting a Business from Scratch: Opening up your own business will take time, money and most importantly knowledge.
If you are unaware of the laws, regulations and the way businesses are supposed to be structured, your company will most likely never succeed.
According to statistics, very few businesses owned by Latinos make it after the first 3 years. This is why it is important for you to carefully study the market in which you plan to open your company.

3. Choosing the Wrong Attorney: When opening a business, you need to do so in accordance with the regulations set forth by the law of the state in which you will be doing business. That’s why you need an attorney who can represent your company. We recommend you choose one who is well known and cares about his/her clients.

4. Not Enough Extra Capital: Sometimes, we only think about having enough money to open up the business. We often forget about putting some aside for the future of the business. This extra money will help you in the long term and take your business to the next level. Open up an account which will only be designed for future use.

5. The Money for your Business is Sacred: Many investors and business people new in the US often use their business’ capital for personal purposes. By taking this money, your company is guaranteed to fail.

6. No Business Plan: You can’t go anywhere without a detailed business plan. You should know about your market, your audience and your competitors. You should also know where you want to take your business in the future and always have a backup plan in case you fail in your first attempt.

7. Stop Dreaming and Start Acting! Coming up with new ideas is a necessary tool for your business. But too much dreaming or brainstorming doesn’t do anything if you don’t put them into action. When you come up with ideas, put them to use right away.

8. Knowing the Market: Many Latin business owners love their products so much; they don’t stop to think whether or not the product is marketable in the US. Just because you successfully sold the product in your native country, it does not mean you will do so here. You need to study your market carefully in order to avoid failure.

9. Avoid Distraction: Focus, Focus, Focus! If you want to be successful in anything you do in life, you must be clear about where you want to go. Put all of your energy into your business and set realistic goals for the company.

10. Don’t Overly Rely on the Internet: We recommend you use the internet for researching ideas for your new business. However, do not use the internet to do your own consulting work without the assistance of a professional such as an attorney. This is one of the many things which you should not do without first consulting a lawyer. Your job as a business owner is to come up with the ideas and put in the money. Your attorney’s job is to make sure you comply with all applicable law.

Contributed by Genilde E. Guerra, Attorney at Law

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