Are You Thinking of Starting a Business? 

With the great resignation upon us and a younger workforce looking for flexibility and better business cultures, this may be a key time to throw your hat in the ring. What are some things to consider when you start a business? How can you get started to set yourself up for success? If you are thinking of taking the next step and starting your own business, here are some steps and strategies to consider. 

Key Issues for New Business Owners 

Starting a business is no easy feat, and the majority of new businesses fail within the first few years. If you want to rise above these statics and build a successful business, consider these key issues:

• Research – For any successful business to get off the ground, you have to know your market and who your competition is. Find out what will set your business apart from any competitors and if there are opportunities to offer a new service or product.
• Business Plan – A thorough business plan will set you up for success and help you sell your idea to investors or banks. The document should describe what your business will do, why it is well-positioned against any competitors, the organizational structure, your product or service, how you plan to market products and services, and finally, your financial plan. 
• Business Structure – The business structure you choose will have an impact on business taxes as well as your daily operations. Based on your particular needs and objectives, you may decide to structure your business as a limited liability company, limited liability partnership, sole proprietorship, or corporation. Make sure you understand how the business structure you choose influences your personal liability. 
• Business Registration and other legal matters– This can include many of the legal aspects behind your business, including registering your business, securing any required licenses and permits, and setting up business bank accounts and insurance.  
• Funding – You may choose to self-fund your business, seek external funding from investors, or use a combination of both. Regardless of the funding strategy, you will also need to determine how much funding you will need to start and operate your business and how much financial risk you are willing to take.

Contact Our DuPage County Business Law Attorney

An experienced business attorney can guide you from day one and make sure you are set up for success. At the Gierach Law Firm, we know the steps needed to start up a business and can help you cover common legal issues proactively. We will help you set up the correct templates and documents that will make your business run easier in the long run. We can also help you select the right financing to give your business the start it needs. All of these steps will help your business grow faster. 

To start your business on a path to success, contact a Naperville business attorney at the Gierach Law Firm. Your business will benefit from working with lawyers who have over 30 years of experience in business law. Call our office at 630-756-1660 to begin the journey to your new business.

Source:

Forbes