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3 challenges that any new business owner can face

Starting a business is no easy task, but studies show that millennials are not discouraged by the challenges every entrepreneur faces. In fact, according to a recent report, people born between 1980 and 2000 have a greater desire to start a business than previous generations. Further, millennials are more likely than other generations to have already started a business.

What this means is that young people are not just entering the workforce; they are contributing to its growth and development to a significant degree. With this in mind, we want to remind readers -- both young and old -- of some challenges that most first-time business owners will face.

Deciding on the type of business

Forming a business requires more than having a good idea. You must also decide how to form your business so that matters like taxes and liability can be determined. Your business structure will have a considerable impact on its operations, so business owners would be wise to think carefully and work with an attorney to find the right structure.

Managing the workforce

Many people who start their own business do so because they want to be their own boss. However, as a company grows, this person will need to be other people's boss. This comes with responsibilities like hiring and firing people, paying wages, managing workplace environments and responding to complaints. Unfortunately, disputes can and do arise in these areas, especially when an employer does not have extensive knowledge of employment laws, so legal guidance can be important.

Protecting the business

Once a business is up and running, it needs to be protected. This can involve signing contracts, creating confidentiality agreements, and securing intellectual property and trade secrets. These measures can be incredibly valuable, but only if they are in place and enforceable.

Legal support crucial in handling these and other challenges

Entrepreneurs of any age can find themselves struggling to resolve these and other challenges of starting a business while also trying to run the business. Thankfully, you don't have to do this alone. You can work with a business law attorney to identify the problem, find a way to resolve it and put in place measures to prevent other issues from arising.

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Law Office of Jeffrey B. Pape, P.C.
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