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Slinde Nelson

Costly mistakes during the business formation process

On Behalf of | Apr 13, 2020 | Business Formation

Starting an Oregon business is an exciting step, but this decision also comes with certain financial and legal risks. During the business formation process, it is critical to avoid mistakes and think carefully about choices before moving forward. New entrepreneurs are often so focused on getting operations started that they overlook missteps that will cause complications and problems down the road.

One mistake is overlooking the importance of building a monetization strategy for running a profitable business. It’s great to have a novel idea for a business, but an entrepreneur should have a plan for actually making money. One component of this is to identify the target market first, then strategize about marketing. Getting that backwards could result in ineffective advertising and poor profits.

Another important step for an Oregon entrepreneur is to hire the right people and take steps to take care of employees. Treating employees right includes everything from providing growth opportunities to providing security through strong and reasonable employment contracts. Entrepreneurs may be used to working alone, and it can be complicated to transition to having a team. When building a team, it’s important not overlook the legal aspects of employment matters.

Business formation is a process that requires thinking long-term. During this process, an entrepreneur will benefit from working closely with an experienced attorney who understands the legal aspects of starting a new business. With this help, it will be easier to avoid common mistakes that can ultimately cost money, cause complications or result in employment issues in the future.