Starting a Business Have you had the dream of a business startup stirring in your thoughts for a while now? Perhaps you have a business model in mind, but you’ve been holding off until the stars align. There are many people blessed with an entrepreneurial spirit, and they know they have a good product or service to offer, but they don’t feel confident in moving forward because they are unfamiliar with the necessary steps to take to actually start a business. Being knowledgeable of the process is important, especially considering all the various aspects that go into it. If you’re serious about making your business dream a reality, we’ve gathered helpful information and talked with experts who have their hand in different areas of the business launching process, from the legalities to the commercial lease.
Partnering with a lawyer from the get-go can help protect you from future mishaps and expensive mistakes down the road. Berry Law Attorney Susan Napolitano can help ensure that you start your business on the right track. “When somebody comes in with just an idea, I can teach them how to set up their practice or business as opposed to setting it up for them,” she shared. “That works great for small business owners. Then, as they get bigger, we work to avoid any kind of legal issues.”
Susan Napolitano Berry Law
Do Your Research The first step you need to take to springboard your business dream is to conduct market research. Is there a demand for the products or services you’re looking to provide? Is the market oversaturated? If there does seem to be some market saturation, is there an empty niche you can fill that can position you well in the industry? These are important questions to consider in your initial planning phase. You want to determine the best way to brand and differentiate yourself from the competition so you become a vendor of choice for people in the market. Each unique business will have different needs to consider. Being thorough in your research will help you cover your bases so you are ready to move forward. One important area to research is the costs of running your business as well as the best rates/prices to charge for the products and services you want to offer. Finding a happy balance in the prices you charge is important in ensuring you have a decent margin for your own returns but you aren’t charging too much to attract customers. Make it Legal and Official Once you have done research and you’re confident in your product/service, you will need to make it all official by choosing a legal structure, such as forming an LLC to protect your private assets. Then you will need to go through all the proper channels to fill out paperwork and comply with laws and regulations for getting registered. You will also need to get federal and state tax ID numbers; permits; any necessary licenses; and trademarks, copyrights, or patents, if applicable. Though some of this may be simple enough to do on your own, the total volume of work may be overwhelming, and it’s always helpful to have the knowledge and expertise of a lawyer to ensure that you’ve covered your bases. #PrintProudDigitalSmart
APRIL 2020 Strictly Business
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