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business formation & planning Archives

The basic tenets of starting a new business

For California entrepreneurs, starting a new company may be a lot like starting a new musical group. Both ventures take a lot of hard work, sleepless nights and time spent working without necessarily earning a paycheck. However, those who are successful might have greater future opportunities and control over their careers. Like creating a business, starting a band requires that a person take stock of his or her skills.

Mistakes entrepreneurs should look to avoid

Most startups in California and elsewhere will run into problems at some point. Even if an entrepreneur has a quality idea, his or her company may not be as successfully as imagined. In some cases, this is because of a lack of planning on the part of the entrepreneur. Ideally, a company will know who its target customer is, what that person's price point is and other variables before beginning operations.

Why startups may fail

Those who are thinking of starting a business in California or elsewhere should know that only 20 percent of businesses survive past the first year. Half of these companies fail because of a lack of funding or ability to generate a profit. This often is due to business owners taking any deals that they are offered when first starting their companies.

Why security is important for new companies

Business owners in California and elsewhere should have a cybersecurity policy from the minute they start their companies. While technology strategy was once an afterthought, it now plays a major role in running a successful company. In many cases, how a company uses technology will dictate how the company operates. This is generally true even if a business isn't in the technology sector.

Reasons why many small businesses fail

A majority of new small businesses in California will fail within the first few years. A whopping 75 percent of startups that receive venture funding fail. Most other types of small enterprises fail within the first 10 years after opening. There are multiple reasons that small businesses fail, and entrepreneurs might avoid these problems with careful planning.

How small businesses can use influencer marketing

Influencer marketing has traditionally been available only to large corporations that command massive capital and huge labor bases. However, the advent of the internet and social media has made influencer marketing available to businesses that are not cash rich, allowing them to tap into this powerful strategy for growth.

Fintech WePay will be acquired by JPMorgan Chase & Co.

Californians might be interested in learning that JPMorgan Chase & Co. has agreed to purchase WePay, a financial technology startup. The bank decided to acquire WePay in order to help small businesses with the faster collection of payments.

Leveraging rural areas as a business advantage

Those who are starting new companies may believe that they have to relocate to California or New York City to be competitive. While there are many resources in those parts of the country, a new trend has seen businesses move away from those areas. This is partially because it may be too expensive to operate there.

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