When a business idea takes hold, it can overwhelm the thoughts of the man or woman behind the concept. This creative process is the genesis of many astounding Georgia business ventures, and is the very essence of the process of building something from the ground up. However, there are a multitude of steps between concept and a fully functioning, profitable business venture, and a number of pitfalls that can be found along the way. The following advice is offered by an individual who has been in business since 1999, in the hopes of helping others avoid some of the more common mistakes that can come with the process of business formation.
Perhaps the most important lesson that many successful business owners learn is to keep one’s priorities straight. Family should always come before one’s business interests, and should sit at the forefront of all decision-making endeavors. Kids grow up far too quickly, and time spent away from one’s family can never be regained. All the success in the world cannot replace the simple daily pleasures of being with one’s spouse and kids.
Another valuable piece of advice is to find and make use of mentors. A trusted mentor can help a business owner navigate the many different choices that come with running a business. Find a mentor who is successful in the type of business that you run, and make an effort to spend time with that individual on a regular basis. For the cost of a monthly lunch it is possible to gain invaluable business advice and make a lasting connection with someone whose acumen you admire.
Finally, be sure to move forward in your business venture well informed of the legal aspects of running your Georgia operation. These needs vary according to each individual business scenario, but there is a business formation approach that is right for each and every situation, no matter how unusual or unique. Taking the time to build a solid legal foundation for your venture can make a world of difference to the ultimate bottom line.
Source: Forbes, “10 Things I Wish I Would Have Known Before Starting A Business,” Joshua Steimle, July 25, 2013