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Don't underestimate what it takes to start a new business

Many Maryland entrepreneurs are lucky enough to embark on the adventure of starting a small business. However, it can be easy to underestimate the commitment that it takes from the owner and family members while the new business gets off the ground. Without proper planning, an entrepreneur could end up inadvertently sabotaging the company's chances at success.

One of the biggest surprises that most Maryland entrepreneurs encounter is the amount of time that needs to be devoted to the company -- especially at first. It often takes a great deal of time and effort to find a balance during which the business can grow and those involved can have a personal life. Furthermore, personal and business finances could be challenging.

The more issues that are considered and resolved in advance, the better the chance at success. Planning for as many obstacles and other eventualities as possible is also necessary. This is where having the assistance of financial advisers, attorneys and others comes in handy. Otherwise, it could be easy to miss an important step that could cost both time and money in the future. Of course, there are no guarantees that every issue can be planned for, but the fewer surprises, the better.

Numerous business and legal decisions need to be made in order to start a new business. Many of these choices will influence the direction of the company and will determine what will be required to make it a success both now and in the future. Where it is true that long hours and hard work are part of any startup, it is possible to work smarter and not harder by taking as much time as is needed to plan for current and future growth.

Source: lcsun-news.com, "Prepare yourself, loved ones to run small business", April 17, 2016

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Daniel S. Willard, P.C.
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