Have you ever thought about starting your own business? Even those who have a solid vision for their business may still find the prospect of setting up shop daunting, to say the least. Sometimes, it is best to start with the basics. Make a list of concrete steps you need to take in order to establish your business. Here, we will walk you through some of the basics of starting your own business.
Starting Your Own Business
First thing is first. You need a business plan. A business plan will be the blueprint for your business. It will detail how you want your business to run. It will address strategies to help you avoid pitfalls and maximize potential successes. At even more basic levels, your business plan will address the foundational needs of your business. For instance, where should your business be located? What are your revenue needs and what are your streams of revenue? What are your start-up costs and how will you pay for them? Your business plan will not only help you to critically evaluate those fundamental elements of your business, but also help set-up your business for continued success and growth.
There are also more logistical issues that will need to be addressed such as determining what business structure would best suit your business’s needs as well as things like registering your business with federal and state tax authorities. The right business structure will depend on many things, but you should consider the liability and tax implications of each structure in particular. Perhaps an LLC would best suit your needs. Alternatively, you may simply want to establish a sole proprietorship. Do your homework and make sure you are choosing the best structure for your purposes.
If you are going to hire employees to work for your business, you will need to get a federal tax ID. You may also need to get a state tax ID. There may also be licenses you need to get from the state or federal government. You may also need or want to purchase insurance for your business to provide some liability protection. Additionally, you may need to register your business name with the appropriate government agency.
You may also want to consider the option of buying an existing business instead of starting a new business from the ground up. There may be an existing business with a solid structure in place that would suit your business goals. If you find a business that may be the right fit, then you can capitalize on that existing structure and many other things. For instance, already established businesses often come with already established customer bases. The built in customer loyalty can be a huge benefit. Of course, you will need to do your due diligence prior to purchasing a business, but it may be a great way to start out your business journey without having to build something from the ground up.
Business Law Attorneys
Whether you want to start your own business or buy an existing business, the dedicated team at Jones, Gregg, Creehan & Gerace is here to help set you up for a successful journey. Contact us today.