Starting a new business is always exciting and often times nerve racking. Most entrepreneurs ask themselves the question, is this the time to start a new business? Many experienced business owners and consultants agree that starting a business in a weak or emerging economy can be a benefit for numerous reasons. Thus, now might be a great time to start the new business you have been thinking about and planning. Several factors to consider are:
- Available Funding Options: in today’s market, the available funding options are growing. From traditional funding to outside investors, opportunities for initial funding has grown in accessibility and pricing.
- Business HUBS: Business hubs are growing in popularity, success and experience. These startup hubs are popular for many reasons. Some of the advantages include opportunities for business owners to work together, make connections, to learn from each other, find talent, share ideas and to gain experience from other entrepreneurs. Business hubs are being created world-wide and are accessible to most cities now. The startup hubs in Charlotte, Durham and Raleigh North Carolina are doing well and growing in popularity.
- Access to Information: access to information today is faster and less costly than years previous. Use of the internet and other technology makes running business more manageable now than before. With the growth in specific software, hardware development and usage of mobile devices, information sources for running and operation of your new business can take place almost anywhere. Likewise, customer’s access to your website and social media marketing is more accessible than in years past and can be a real cost savings to your business.
- Legal Formation: Creating and setting up the new business entity is essential when starting up your business. Once a name is selected for the new business, proper steps need to be taken to secure and register the name with the State. Creating a corporation or limited liability company (LLC) can be beneficial to protect the personal assets of the owners from business liability and debts.
- Building a Team of Advisors: Last but not least, we encourage our business owners to build a strong team of advisors whom the business owner can rely upon for counsel and advice. That team should include an experienced and qualified CPA, banker and attorney. Having these advisors close to your business can prove beneficial in the success of the business enterprise.
If you have questions regarding starting a new business in North Carolina, please feel free to contact us.