The idea of owning your own business is exciting yet intimidating. When considering reasons to start a business many pros and cons come to mind. Most people start their own business for the flexibility, financial independence, and unique business plans. However, maintaining a business and its success can be extremely challenging. The reality of owning a small business is that many businesses fail within the first two to five years; as a new business owner, it is critical to make sure you have checked all your boxes and followed all the necessary steps.
Here are ten essential steps to think about when starting a business successfully:
Do your research. – What is your business and who is it going to service? Are there other businesses like yours or is your business in high demand? Reach out to other business owners and business groups.
Make a plan. – A business plan is the blueprint to your business idea which guides the business through beginning to end. This blueprint focuses on all the details of your new business–from financial support to the business location to the inventory and employees you plan to have in your shop.
Plan your finances. – Starting a business is not a cheap process. However, it does not have to be a money pit either. By making a plan with investors and financial backing, starting a business can be a smooth financial process, with a big financial gain.
Choose a business Structure. – There are many business structures you can choose from and each have benefits and liabilities. Due to the complexity of each business structure, discussing your options with an attorney is a safe bet.
Pick and register your Business. – Your business name is the face of your company. This is how the public will know your business. After choosing a business name, you must check if it is trademarked or already in use. Depending on the structure of your business, where you register the name is crucial.
Get licenses and Permits. – Depending on your business and the location, licenses and permits may be required.
Choose your accounting system. – A business’s accounting system is necessary to create and manage the business budget.
Set up your business location. – We have all heard it: location, location, location.
Get your team ready. – What is your staff going to look like? Are you hiring employees? Do you need training and guidance?
Promote your business. – A marketing plan is essential to growth and attraction of clients. This is an opportunity for you to get creative and promote the success of your new business.
As a small business ourselves, we enjoy helping others start their own businesses. Talking to business professionals such as trusted advisors, attorneys, accountants and insurance agents can be an important step in the business start-up process. We have worked with many clients in getting their business set up and on track for success. If you are interested in starting a small business, contact our office for a consultation.
Trust us with your business and your future.
Annemarie Gill is a Law Clerk at Lardiere McNair, LLC. To read more about our firm, please visit www.lmcounsel.com.
The information presented here has been prepared by Lardiere McNair for promotional and informational purposes only and should not be considered legal advice. This information is not intended to provide, and receipt of it does not constitute, legal advice. Nor does the receipt of this material create an attorney/client relationship. An attorney client relationship is not established until such time as Lardiere McNair enters in to a written engagement agreement with a specific client for a specific legal matter.
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