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3 common challenges that startups face

No matter what industry you plan to start a business in, the odds of success in Atlanta are underwhelming. You need more than a great idea to get your company off the ground and put it in a position to succeed. You need a solid business plan, proper structure and more. 

Entrepreneurs who know the challenges their companies face are able to use that information to their advantage. Take some time to consider the following challenges so you can do what it takes to make a name for yourself in the field you have chosen. 

1. Competition 

Even though you know your idea is good, it may seem as if there are several companies that have similar ideas and business concepts. Do not let the thought of competitors defeat you before you begin. Companies that enjoy the greatest longevity are those that have found ways to differentiate themselves from the crowd. The more you base your business on a niche, the higher the chances you will thrive against the competition

2. Funding and Resources 

Funding and resource opportunities are widely available to owners who have a good credit portfolio and an established business presence. Entrepreneurs often struggle to find the funding and resources they need to establish their companies and support their operations and growth. Crowdfunding, angel investors and venture capital firms are three potential income sources to explore.

3. Employees 

As your company grows, you may decide to hire workers or contractors to help you meet business demands. It is important for you to understand how to properly classify employees and contractors, so you do not make mistakes during the hiring process. Improper classifications can lead to payroll challenges, disputes and litigation

You may have many goals in dreams in mind that you hope to achieve with your venture. Do not lose focus on what you need to do to achieve them. Take great care in providing your company with a solid foundation, anticipating current and future needs and paying attention to what is going on in your industry. You should also consider speaking to an attorney to learn strategies and resources that can help you make your company a success.

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Atlanta, GA 30350

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Robert Kaufman has been selected as a 2013 Top Rated Lawyer in ‘Commercial Litigation’ as will be published in the May issue of The American Lawyer & Corporate Counsel magazine.Alex Kaufman has been selected as a 2013 Top Rated Lawyer in ‘Commercial Litigation’ as will be published in the December issue of The American Lawyer & Corporate Counsel magazine.

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