Entrepreneurs are well-respected for a reason – it takes serious guts to put yourself out there and try to start a successful business. It’s exciting, sure. But there’s also a considerable amount of risk and liability involved during the business formation process. There are countless cases of freshman business owners who wind up facing failure before their company even gets its feet off the ground. It takes careful planning to start a business, and one seemingly simple mistake can lead to a world of problems.
One of the crucial first steps in forming a business is to establish exactly what category your’s will fall under. Marketing yourself under the wrong label is an easy mistake, and is likely to cause complications further down the road. There are five main types of businesses:
The business plan is maybe the most important “first step.” It’s all about strategy. You need to know exactly what kind of market you’re trying to get into: who are you targeting, who is the competition, how are you going to do the things you plan to do. And you have to be specific.
Besides identifying your goals as a company, you also need to heavily consider drafting a plan for paying taxes, especially if you’re counting on funding your start-up with a bank loan. Banks are extremely careful with deciding what business they will back. And you’re going to need a decent amount of money if you want to be successful within a reasonable timeframe. The more you narrow down your business plan and strategy for taxes, the higher your chance of receiving the funding you’re looking for – or maybe even more.
If you’re working toward starting your own business, or have already taken action to do so, then you need to be sure that you have the advice and representation from an experienced lawyer who knows exactly how to respond to the obstacles that arise during business formation. At Turner Law Offices, P.C. our team of attorneys has years of practice helping entrepreneurs realize their business dreams. Call for an appointment and starting talking to one of our skilled business lawyers today, and get on track toward turning your vision into a reality.