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NEOGA — Neoga officials are looking for entrepreneurs to set up shop in the community.
The city, along with the Economic Development Commission, will hold a town hall-style meeting on Wednesday, Jan. 10, at 6 p.m., at Neoga City Hall, 533 Chestnut Avenue.
The meeting, which will be attended by local businessman Mel Workman, is aimed at identifying and promoting businesses interested in filling space in the building being renovated.
Smartick used Forbes’ Real-Time Billionaires List to find the world’s richest people and reveal their educational background.
5 unexpected costs when starting a business
5 unexpected costs when starting a business
Taking the time to visualize what you want to achieve in your career can unlock inspiration and potential, especially for those with great ideas and an entrepreneurial spirit. Starting a business is a dream for many people, but in the excitement of making the vision a reality, it’s easy to overlook the basics of running a business. Ignoring these details can lead to failure. According to the Bureau of Labor Statistics, approximately 20% of new businesses go out of business within their first two years and 45% go bankrupt within their first five years.
Growthink has compiled a list of expenses, big and small, that can surprise budding entrepreneurs. Not all types of businesses are the same and start-up costs may vary. Brick-and-mortar stores have to consider expenses such as real estate that don’t exist for online-only stores. For example, the costs of a restaurant are different than those of a gift shop or cleaning service. However, all businesses should consider and plan for the costs associated with this list.
When creating a business plan for your new venture, be sure to plan for these costs as it is an important document that will help you understand what you want to achieve with your business and how you will achieve that goal. please.
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employment
If you are starting a business that involves hiring employees, be prepared to invest time and money in this process, as it can be expensive. According to the Society for Human Resource Management, the median cost per hire is nearly $1,250, or $8,750 per hire for executive roles. The cost of hiring an employee includes advertising the position, interviewing, a trial period, and making sure the candidate is a good fit.
Investing in onboarding is also essential to retaining employees and ensuring they deliver quality work. Today’s employees won’t stick around if their expectations, work roles, and integration into the company aren’t what they were led to believe. Nearly one in three new hires quit within their first 90 days because their employer’s onboarding strategy failed.
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Trademark/patent acquisition
If you invent a product, have a special symbol or design, or use a unique tagline, you want to protect it so that no one else can take advantage of your idea and make money from it. You would think so. Trademarks and patents provide legal protection.
Trademarks protect words, phrases, and designs; patents protect unique inventions of new products, processes, and designs. Obtaining a patent or trademark is an extensive process that involves paying a huge amount of money for formal filings and searches to ensure that there are no existing patents or trademarks for what you want to protect.
Engaging the services of an experienced intellectual property attorney can help you navigate the process and ensure your application dots all the i’s and crosses all the t’s.
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brand design
McDonald’s golden arches and Olympic rings are instantly recognizable because of their strong brand identity. A brand includes many elements such as logos, colors, language, images, and typography that communicate a company’s story, values, and culture. Developing a strong brand is essential for any new business.
When considering brand design, startups need a logo, visual identity, and website. Brand strategy and positioning also helps develop communication strategies and guidelines.
Costs vary depending on the size and stage of your startup and the time you dedicate to this task. They typically range from a few hundred dollars to a few thousand dollars, depending on the complexity of the project.
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Some founders may assume that if they build the right product or provide the right service, customers will come. it’s not. With so many products, stores, and platforms out there, it can be difficult for new businesses to cut through the noise and competition. Investing in an advertising strategy is essential to growing your business, but developing a strategy requires trial and error.
To see what sticks, you need to research your core customers and invest in multiple advertising methods. Whether you consider different platforms, from social media and email to flyers and print ads, depends on your company’s target customer base. Depending on your efforts, you may not get results, but you won’t know until you try. You can try to get free advertising through word of mouth, but you will probably have to spend some money on advertising.
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legal and accounting
Legal and accounting expenses vary depending on the type of business, but they are expenses that should be budgeted for when starting a business. You need a legal structure to operate your business, and you also need to register your business with the state. The cost of legal advice can vary from $75 to $400 per hour.
When it comes to accounting, you need to create an accounting system that is appropriate for your type of business. There will also be tax liability. Depending on the complexity of your business, you may be able to handle it using online software or hire a professional. The cost will vary depending on whether you use a bookkeeper or a professional accountant.
This story originally appeared on Growthink and was produced and distributed in partnership with Stacker Studio.
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