One of the priorities for many new businesses is finding ways to run lean. After all, capital is probably low, and income and profits have yet to come in.
However, a focus on saving money can lead to mistakes that prove costly. Look at the following errors and see if you have managed to avoid them. If not, now is a good time to adjust course.
As a Georgia entrepreneur, you constantly see business opportunities that others fail to see. Consequently, you come up with great new business ideas that no one else would think of.
But while entrepreneurship is a marvelous character trait, you also need to have good business savvy.
As a small business owner, you may understand the importance of a clear, concise and fair contract. In fact, you use contracts for nearly every business transaction, from hiring new employees to making sales and purchases. However, like most Georgia residents, you are also a friendly person and you prefer to keep your transactions as hassle-free as possible. You might have working arrangements with some of your associates without relying on a written contract.
So far, this has served you well. However, what happens if there is a business disagreement? Can you uphold the terms of a verbal contract in court? For example, you may have agreed over the phone to make an equipment trade with an associate you have done business with in the past. However, after the trade, you found out the equipment was defective, but the associate denies anything was wrong with it. You might want to take him to court but worry that you have no proof of an agreement between the two of you. Unfortunately, you might be correct. It would be difficult for a judge to uphold the terms of your verbal contract when it is your word against your associate’s.
Perhaps you own a new pizza parlor, nightclub, tech company or something else entirely. You have done your homework, for example, selecting the right business entity and negotiating contracts to your advantage. Like many businesses, though, you still need capital, and crowdfunding seems promising.
The good news: It can be a smart move. The bad news: Many businesses make mistakes when crowdfunding, and these errors cost time, money and other valuable resources. Here is a look at a few of these common blunders.
Everyone knows that starting a business is a challenge. However, some new business owners may be better off than others, depending on their location.
A study from WalletHub has ranked all of the states in terms of how good they are for starting a business. While Georgia did not come in first place, it came close.
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