Starting a small business requires an entrepreneur to make many important legal and financial decisions that will impact the course of the business for years to come. According to the Small Business Administration, approximately 50% of Americans are involved in a small business, which amounts to around 30 million businesses. Before a person joins these numbers, he or she would be wise to consider what business and commercial law guidance is necessary to lay the groundwork for long-term success.
Many small businesses don’t survive. Statistics suggest that as many as three quarters of all startups do not make it to the 15-year mark. Prospective and budding Oregon entrepreneurs can take heed of specific things that will help them avoid complications. One of these things is to consider the practical issues first, such as whether a storefront is necessary and where the location should be.
Another practical step for a business owner is to have a business plan. A clear, effective plan will help make it clear how to move forward, and it can provide important information for potential investors. In addition to these matters, it is also prudent to consider how to handle certain financial matters, such as bookkeeping, investing and more.
Before starting a business in Oregon, a person will find it beneficial to speak with an attorney experienced in business and commercial law. The formation stage can be complex, and the decisions made during this process are critical. An assessment of the individual situation can allow a prospective entrepreneur what he or she needs to succeed.