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Creating a plan during business formation can help ensure success

It may be tempting for Georgia entrepreneurs to act first and ask questions later when it comes to starting a business. However, without a clear picture of how to allocate time, money and resources, the business might fail. Therefore, taking the time to create a plan during business formation can be invaluable to the success of the venture.

Several factors can affect the growth of a particular business. The state of the economy is one of the most obvious factors that need to be examined. Other, less obvious, but equally important factors might include the social and political environment of the community in which the business will operate. The technological needs of the company also bear consideration, along with any legal requirements that must be met in order to operate a particular type of business. An analysis of how each of these factors will affect the growth of the company can prevent them from causing issues later.

Structuring a business plan also requires a look at the company owner's strengths and weaknesses in order to account for them. Opportunities that will help grow the business should also be sought out. In some cases, timing will be essential. The plan can also include methods for avoiding potential pitfalls.

The excitement of starting a new business can make skipping certain steps during the business formation process tempting. However, failing to take the time to plan can result in unforeseen issues that could compromise the success of the business. It may not be possible to identify every potential speed bump as the business grows, but understanding as many as possible can reduce their possible impact on a new Georgia company.

Source: Time, "Startup Tips: 3 Analysis Tools to Prepare a Business Plan", Jeff Boss, July 14, 2015

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