Countless entrepreneurs have come up with different ideas for startups, but not all of them have ended up succeeding. Part of what makes some of these companies fail is a lack of thorough preparation and an incomplete understanding of what mistakes to avoid. If you’re thinking of taking your idea and turning into a business reality, you should be aware of these common traps to look out for throughout the process.

Opening Your Business Too Early or Without a Fully Sketched Out Business Plan

It can be hard to have patience when you’re pumped up for opening a new business, but having your opening day too soon can sometimes prove fatal even to brilliant startup plans. Having a fully fleshed out business plan, a solid model, all the pieces in place and backup plans to boot is essential, even if it means having to push your opening date by a few months.

Not Thoroughly Researching the Niche, Market and Trends

Even an outstanding idea can fall short if you don’t implement it in the right market or if you enter an overcrowded niche at the wrong time. Having an idea is only part of the journey; the other important piece you shouldn’t overlook is doing your homework. Conducting thorough research may take some time now, but it can save you from a serious headache later when you discover you’re late to a trend, for instance.

Forgetting To Read Up on Relevant Legalities

Finally, if you’re starting a business of any kind, making sure you’re following the letter of the relevant law is imperative. Many companies need to be set up in particular ways for tax purposes, and this is one area where it may well be worth the accountant or lawyer fees to make sure you’re getting it right. These professionals can give you advice as to picking out which legal structure is most appropriate for your startup idea, how you can go about filing for patents, what deductions you should be claiming on tax forms, where to register the business and so on.

Even though every entrepreneur by definition has an independent spirit, it’s important to not let this sense of adventure lead to making some all-too-common errors. Many startups that end up failing could have had a greater chance at success with a little more thought and preparation. By knowing which traps to avoid, you can set the stage for your blossoming business idea.