Tips for setting up and growing a small business

Maryland entrepreneurs who are starting new ventures should think about how they will deal with issues such as cash flow problems and social media promotion. Planning ahead to look at options for loans and credit addresses the first challenge. There are a number of small business loans available and programs to help small businesses. Loans and credit can also be used to invest toward growth such as hiring more employees or buying more equipment.

A social media presence is also important. This allows a business to communicate directly and more personally with customers. It also gives customers the opportunity to write reviews of the company.

One of the most important aspects of starting a new business is setting goals. These should be written out as part of the business plan. Goals serve the dual purpose of giving the new business owner something to reach for as well as providing a metric against which to measure progress. Setting them is vital because without them, there is no way to gauge how the business is doing.

The tasks involved in setting up a new business can seem overwhelming, but an attorney who has experience with start-up ventures can often be of assistance. The threshold issue of entity formation can be addressed in a discussion of the differences between a corporation and a limited liability company. Depending upon the nature of the business that the company will be engaged in, there will likely be a variety of federal, state and local laws and regulations that will have to be complied with both at the outset and on an ongoing basis, and an attorney can be of assistance with these matters as well.

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