Mayhall Fondren Blaize

Business law attorneys may help support startup success

Attorneys in Louisiana often provide valuable assistance to startup companies in the vital initial phases of the company's growth. A young company benefits from the input provided by an experienced business law professional regarding legal issues and related topics. This may sometimes include critical guidance in handling and maintaining a process of healthy growth.

Starting a business from nothing is a challenge. One of the biggest obstacles is starting out with less than necessary capital to fund the business. This may have an effect on general operations, marketing capabilities, the addition of needed staff and reduction of the company's ability to maintain a smooth and steady growth process. One way to prevent this major obstacle is to spend the time to have a detailed operating budget for the first year and the funding to go along with it.

The owner of a new startup may be an expert in the company's products or services, but without any business experience. That puts him or her out on the playing field with virtually no skills on how to manage and grow a company financially. One phenomenon that occurs in growing the business is that there must be a constant flow of new business. Dwelling exclusively on servicing an existing client while ignoring the need to be getting new clients every day can be a big mistake for many business models.

This may be even tougher to accomplish for a small company that may have just the owner and one or two staff members working in the early years. Another conundrum is created when the company adds new employees due to getting busier. The problem is that this will increase overhead but not necessarily bring in a steady flow of clients for the future. The owner must plan for the company's future needs for more business and income to coincide with increased overhead taken on by business. A new startup owner in Louisiana will benefit from consulting with a business law attorney and entering into an ongoing relationship.  

Source: Forbes, "3 Lessons On How To Launch A Startup, From A Successful Small Business Owner", Kimberly A. Whitler, March 24, 2018

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