Checklist for Entrepreneurs Starting a New Business in Georgia

There are a few things you need to line up when laying the ground work for a new business:

• Ask the hard questions: Running a business is a whole lot more complicated than chasing after a dream. It is always valuable to do some healthy self-evaluation before jumping into a business venture. Take time to assess your capacity for leadership, your track record of success in business or the related industry (or lack thereof), your sales ability, your personal support system, and your capacity for solving complex problems.
• Perform some market research: If there isn’t a significant market for the product or service you hope to provide, setting up your small business could turn out to be a waste of time, money, and effort. However, your chances of success skyrocket if you are acquainted with your market, understand their needs, know that your product or service will be competitive, and know how to appeal to prospective consumers.
• Run some numbers: Do you know exactly how much you will need to make in a given month in order to break even? Do you know how much money you will have to spend to keep your business running? What will your static costs be, and which ones are likely to change over time? What will be the total cost of starting your business and how long will it be until you are able to turn a profit?
• Location, location, location: Before making any moves toward certifications, budgets, etc., you will need to decide where your business will operate (ideally, at least). Determining the location of your small business is actually quite vital to its success, and discussing your ideas with an attorney can help you ensure the vision you have for your business is practical.
• Hire an experienced business attorney: This one isn’t just a plug. You will need to register your business, ensure it meets business tax requirements, obtain an Employer ID Number, study up on labor laws, and be certified as a small business owner in the state of Georgia. Missing an important step in the legal process can tank even the most well-though-out business idea. However, don’t be daunted—be encouraged! With one of our Marietta business formation attorneys on your side, you will never have to worry about missing an important deadline, forgetting to obtain an important certification, or committing any other avoidable legal blunders.