Starting a new business is exciting. You have the chance to be your own boss, do what you love, and create a sense of stability for your future. But without proper planning, your new venture might suffer small business failure.
According to Forbes.com and the Small Business Administration (SBA), 90% of startups will fail. With such bleak statistics, it is important to make good decisions about your new business venture so that you are in the 10% of startups that succeed.
Surveys of small business owners reveal common reasons for small business failure, which include:
To avoid small business failure, there are key points to consider when starting a business.
Entrepreneurs get caught up in the excitement of launching a new business. But without proper planning and risk assessment, a new venture can easily fall into the 90% of startups that fail. To minimize the risk of failure and protect against the perils of doing business, it’s important that you take precautions to protect your business, have an exit strategy, and protect yourself as your venture grows and evolves. Working with an experienced lawyer when starting a new business can help you select the right entity, ensure compliance with the law, minimize the risk of liability, and protect you against being sued.
At Fremstad Law, our experienced lawyers have helped hundreds of businesses, from start-ups to established companies, that have faced challenges involving business formation, employment issues, mergers and acquisitions, contracts, collections, and litigation.
If you are starting a business, put the experience of our lawyers to work for you to avoid mistakes that other business owners have made. Our lawyers frequently work with new business owners. We will help you plan and avoid costly and time-consuming mistakes so your business can succeed.
At Fremstad Law, our mission is to move our clients forward. If you are starting a new business in North Dakota or Minnesota, Joel Fremstad is here to help. Learn more about our business law services, and contact us today to schedule a meeting to discuss your business needs.
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