Without question, startup businesses contribute greatly to both the local and national economy. Yet depending on who you believe, it is difficult to determine whether startups are doing better or worse in our nation’s economy.
A recent New York Times article suggests that while there is a great deal of good news concerning today’s economy, there has been a decline in the number of startup companies during the last few decades. The article goes on to say that we need to figure out a new set of policies to bring startups back, and that a decline in overall competition is contributing to this problem.
The Insurance Journal, on the other hand, reports that in the U.S. we create 400,000 business startups per year. This trend has been going on since 1994. We have seen especially extensive small business activity over the last three years.
Ensuring the success of your business startup
Ultimately, there is little that any of us can do to influence policy or to increase competition. Entrepreneurs and new business owners instead need to work around possible obstacles. This includes understanding the laws and challenges that small businesses face.
It means setting up the correct organizational structure to meet your business goals. When opening a business, it also means preparing the right shareholder and operational agreements to prevent issues from arising that will slow down the performance of your business.
Your business startups provide you with a wide range of opportunity. Unfortunately, with any new venture there is always the risk of failure. In particular, you will face many kinds of legal complications.
As you already have to contend with so much, having an experienced business attorney is often necessary to ensure avoidance of mistakes. Besides guidance regarding opening of the business, you will need advice concerning financing, hiring, marketing and other concerns. And there will be an ongoing need for such advice and guidance as well.