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Business formation considerations loom for new startups

Oregon business law attorneys get the opportunity to work with many startup businesses, which gives them an insight on some of the mistakes that startups may encounter. Of course, the attorney will be primarily concerned with assuring that the legalities of business formation are established and running without a flaw. Business law attorneys are also useful for steering the startup in the right direction and sharing a wealth of knowledge with the new company.

The initial phase of the startup may be a critical time to retain a focus on the primary purposes and goals of the business. The SBA estimates that about one out of every five startups will fail in the first year. There are, however, some observations and tools to keep in mind. For example, the startup must be dedicated to the energizing values and love of the work that is ingrained in an owner's psyche.

Focusing exclusively on making loads of money, becoming independent or being your own boss can actually be an impediment to long-term, steady growth and success. On a practical level, business owners will do better by assuring first of all that there are adequate funds to get the business off the ground. It is no secret that many startups do not start up very well without sufficient capital. Good financial expertise must also be incorporated into accounting and related functions. Paying attention to location and demographics are further vital considerations.

New business owners in Oregon will do best by evaluating the strengths and weaknesses of the company's early abilities. Those insights should lead to assuring that the company is populated with skilled people having the relevant technological savvy to support the startup's growth. A detailed budgetary analysis and adequate funding to go along with that budget will help to keep the company growing during its early years. The business law attorney can be a valuable member of the business formation team and can provide a wealth of knowledge as the company begins to grow.

Source: business.com, "Why Most Startups Fail and How to Avoid It", Avneet Narang, March 22, 2018

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