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Important things to consider during business formation

Starting a new business can be both exciting and nerve wracking. There are many decisions to make and issues to consider during the process of business formation. Readers in Georgia may be interested in an article that addresses three particular topics that can be important in establishing a strong foundation in a successful new enterprise.

First, it is typically important that an entrepreneur possess the skills required to accomplish the primary work of the new business. For example, if a person is planning to open a bakery, it is important to understand how to bake, or to partner with someone who does. Additionally, the owner of a start-up company will need to have the ability to sell and market his or her product in order for the nascent company to grow.

Second, the owner of a new company should have a plan to perform the ancillary functions of owning a business. This includes all of the tasks that are separate from the primary function of the business, such as bookkeeping, ordering supplies, paying taxes and administering payroll. It is possible to outsource these business functions, but there should be a plan in place to do so.

Finally, every business owner will need to understand that there could come a time that requires him or her to delegate responsibilities for the company to grow. If the goal is to expand, a business will require additional personnel and assistance. This can be true even if an owner wants to continue performing the primary work of a business.

Regardless of where a Georgia entrepreneur is in the process of business formation, it could be beneficial to discuss his or her vision and plan with a business law attorney. An attorney with experience in this area of law will be in the best position to assist an entrepreneur in avoiding some of the common pitfalls that new business owners encounter. In addition, securing the services of an attorney on the front-end of a new business endeavor will help ensure quick support when/if any legal issues arise.

Source: entrepreneur.com, "3 Vital Things to Consider Before Starting a Business", Doug and Polly White, Accessed on Dec. 7, 2016

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