Navigating periods of economic uncertainty can be financially stressful. Despite this, many entrepreneurs found ways to thrive amidst financial crisis in 2020. Selecting the right business formation is a good first step to ensuring a successful business. However, there are several other reasons that Georgia-based entrepreneurs are doing so well.
Goodbye to the brick and mortar
Businesses do not necessarily need physical storefronts to survive anymore. Instead, micro sellers are increasingly taking up space in online retail. Micro sellers are small businesses and sellers that use e commerce platforms to sell their wares. These businesses sell a wide range of products, including those related to:
- Zodiac and astrology themed accessories
Some of these micro sellers are relatively new to the entrepreneur game. While these men and women might have had ideas for small businesses already brewing for quite some time, many were not in the position to act on them until much more recently. Losing income due to job loss or cut hours are just two of the reasons that people are choosing to finally strike out on their own.
Starting a new business is an exciting opportunity, but it can also be overwhelming. There are plenty of opportunities for things to go wrong, starting at the very beginning with choosing a business formation. There are benefits and drawbacks to formations such as LLCs, corporations and sole proprietorships, so it is wise for Georgia entrepreneurs to learn more about these differences before making a selection.