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Planning before starting a business

| May 9, 2016 | Business Formation & Planning |

A North Carolina resident considering starting a new business may find that the effort can become overwhelming. Although entrepreneurship is often viewed as a means of gaining freedom in terms of both finances and time, the reality is that a business can require more time and money than anticipated. Before getting involved in a prospect, good research is important for ensuring that goals are well-defined.

One of the most important considerations in establishing a business is being psychologically ready for the endeavor. Because an estimated 80 percent of small businesses fail within 18 months of starting, there is a need to be clearly committed to the effort. Further, it is important to be certain that the business concept is worthwhile. Uniqueness is not as important as being favorably positioned. Understanding the market is a crucial factor in success.

A reliable business plan is helpful for ensuring that strategies for starting a company and growing are defined. This is also helpful for clarifying matters such as dealing with legal issues, acquiring finances, and even closing if the need arises. Finances can be a huge problem for some young companies, making it helpful to detail startup costs and to consider finding investors. Employment strategies may be relevant concerns for a growing company as well. Telecommuting has provided unique solutions for some companies, but the brick-and-mortar nature of a business could make onsite employees necessary.

Legal issues in a new business can vary greatly. Matters of importance can range from ensuring that zoning and licensing requirements are met to being sure that employment issues are understood and correctly handled. An attorney could be helpful for providing such insight during the planning stage so that these issues do not lead to early legal problems.

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