When individuals decide to form their own businesses, the promises of such endeavors may be great. However, forming a business is also extremely risky. There are two truly critical tips that new business owners must embrace in order to ensure their best possible chances of success.

First, it is incredibly important to budget wisely and extensively. The large and small costs of running a business can escalate out of control if every penny is not accounted for. It is often beneficial for new business owners to seek financial guidance from an experienced accountant who can help to ensure that one’s budget is realistic and that one has accounted for all necessary financial considerations within that budget.

It is possible to succeed in business without the help of an accountant. But it is generally inadvisable to forgo consulting an attorney. An attorney experienced in matters of business can help to ensure that your business and intellectual property are protected from those who would seek to take advantage of your potential success. In addition, an experienced attorney can help you to avoid costly business litigation whenever possible and to navigate it successfully should you become compelled to either file suit or defend against one.

It is theoretically possible to “succeed in business without really trying” as Broadway would have you believe. However, it is generally very difficult to succeed in business for many, many reasons without properly budgeting and consulting the services of an attorney specifically experienced in matters of business law.

Source: The Business Insider, “Here’s The Number One Mistake That Kills Startups, According To Ben Horowitz,” Alyson Shontell, July 23, 2014