One of the noteworthy consequences of a new factory or corporate headquarters opening in Louisiana is the knowledge that these new businesses will generate additional job growth.
When new employees relocate to an area or are hired from the existing population, one of the results in an increased demand for goods and services as those individuals spend their income. This provides an opportunity for new or existing entrepreneurs to think about starting a business or expanding an existing one to meet the increased need.
In the wake of the ExxonMobile announcement Thursday that they plan to expand two of their Louisiana chemical and lubricant plants, some business owners in the area may be rejoicing and others may see the prospect for opening new business themselves to meet the needs of the expected new full time jobs that will be added. ExxonMobil will also be employing construction workers for the project, which is projected to cost the company nearly $200 million.
Yet, as most entrepreneurs likely know, starting a new business is not as simple as picking a location near a factory and starting operations. It requires a significant amount of forethought into what goods or services meet the population needs, what business model best suits the companies needs and how to best organize the business to meet the goals of the owner and employees.
Oftentimes, business owners are not alone in making decisions of this nature. While an individual may know what goods they hope to provide to a town, they may not know what type of a company to form. For instance, should the company file as Limited Liability Company or some type of corporation? How does the business comply with all the necessary legal requirements?
These are the types of questions with which business owners are often assisted by a business lawyer or other legal expert who is familiar with the process. These individuals are often capable of helping new business owners navigate the complicated process that could otherwise be a major hindrance to a successful start.
Source: The Times-Picayune, “ExxonMobil to expand two Louisiana chemical and lubricants plants,” Sept. 27, 2012