Lehi, UT, Jan. 28, 2022 (GLOBE NEWSWIRE) — You may have heard in the news about The Great Resignation: in 2021, millions of people, predominantly in the United States, quit their jobs at a rate not previously seen in the workforce. Some, of course, went on to find employment elsewhere, but others decided to get into entrepreneurship. They face tough odds, as in 2019, the failure rate of startups was 90%. As small businesses generate roughly 50% of our GDP, it is hard to deny that the country can benefit when entrepreneurs make it into the 10%. So, what is behind the difficulties entrepreneurs face in the early days and months of starting their companies? A lack of business knowledge has been cited as an issue, one that Growing Marketing Company, founded by Will Vigil, is working to address with its free online resources.
The Issues Faced By Some Entrepreneurs When They Begin Their Businesses
The Harvard Business Review states that “many startups fail because they don’t have a viable business model or idea.” If a business plan can help an entrepreneur to clarify their vision, create a practical marketing plan, know where they will look for funding, determine how likely it is that there is a need for their product, and structure the months ahead of them, it seems likely, then, the HBR’s assessment is true.
Another cited reason is that new business owners do not always understand the regulatory requirements surrounding their companies. This can include tax laws, licensing and permits, antitrust laws, and employment and labor laws. For the entrepreneur who is not familiar with the laws they must follow, it seems likely that the launch of their company could be hindered as well.
How Grow Marketing Company Is Working to Help Entrepreneurs Understand the Intricacies of Managing a Business
“At Grow Marketing Company, we believe that if a person has the desire to run their own business, they should have free access to resources that can aid them,” the company states. “To that end, we have an extensive database of information that anyone can learn from, and there is no charge.”
On its website, the company lays out the six steps behind starting a business, from putting the initial idea down on paper, to what to do when you potentially begin generating revenue. “It is a good overview of the process you will likely undergo,” Grow Marketing Company states. “Of course, there is more to running a company than this, which is why we have provided additional free resources to all entrepreneurs.”
The company’s library of information includes:
- Business Plans: New owners can watch a YouTube tutorial as well as read through an explanation of each part of a business plan, including the Executive Summary, Marketing and Sales Plan, Milestones and Metrics, and Financial Plan.
- Business Structures: The website explains the differences between a sole proprietor, an LLC, an LLP, an S-Corp, and C-Corps. It also details each state’s filing fees for forming a corporation.
- Business Credit: Entrepreneurs can understand the different lines of credit possible for them and read answers to commonly asked questions.
- Free Startup Business Guide: Company leaders who prefer to have their questions answered in one place may find what they are looking for here.
About Grow Marketing Company
Will Vigil founded Grow Marketing Company to serve the next generation of entrepreneurs who are ready to bring their ideas to the market but are not sure where to begin. “Running a business is difficult enough as it is, but when you are new to it and lack information, it becomes even more so,” he says.
Will wanted to create a one-stop place where anyone could come when they had questions about managing their companies. “Entrepreneurs very often invest every dime they have in their dream companies, and I didn’t think it was fair that they should have to pay for tips that can potentially help them,” Will states. “That’s why I created these free resources. Knowledge, as they say, is power, and I want entrepreneurs to have it.”
How More Resources May Help the Country’s Entrepreneurs
As any business owner knows, the path a company takes over the years to come will likely be affected by numerous factors, including pandemics that few people can foresee. However, by supplying entrepreneurs with free information that has the potential to help them in the early days of their businesses, Grow Marketing Company may be helping them to set off on firmer footing.
For more information on Grow Marketing Company and the resources it offers to all entrepreneurs, please visit its website