Going into business for oneself or with a partner whether in Georgia or elsewhere is an admirable thing. It takes a lot of hard work and determination to build something up from nothing. The true cost of business formation, though, is often more than most anticipate.
Every year, there are a lot of small startups that struggle to reach a break-even point let alone make a profit. Why? Costs. It costs a lot to open a storefront (if applicable), create and maintain a website, manufacture one’s product, pay staff, pay taxes and pay for any licenses or other state fees — among other things. All of this adds up, usually faster than expected.
How can one be prepared for the costs of starting a business? Create a business plan. With the assistance of an experienced attorney, one can create a highly detailed business plan that includes anticipated costs and what steps should be taken should costs exceed what is expected. In the plan one can also include funding options such as using crowdfunding, taking out loans, taking on investors and borrowing from friends or family.
A business plan may need to be modified from time to time, but it can help one set realistic goals and expectations during the business formation process. The key to it is being overprepared for the what ifs rather than just flying by the seat of one’s pants — so to speak. An experienced business law attorney can assist Georgia residents who are interested in starting their own company get off on the right foot by creating plans that also include sensible ideas for how to deal with budgetary constraints.
Source: entrepreneur.com, “It Always Takes More Time and Money Than You Think to Start a Business“, Doug and Polly White, May 15, 2017