So, you have a great idea and the experience to back it up. You are in a great starting place, but you have some work to do before jumping into forming your own business. Consider the following steps before you begin the process of starting your business.
Create a Solid Business Plan
Startups and new businesses are full of overly confident leaders who have more belief in their product or service than a direct plan for delivery. A business plan is a valuable exercise to begin researching and thinking about your company systematically. Consider how your business will address a need or pain point that people currently have. The more preparation you do before launching your business will end up saving you an expensive lesson.
Trademark Your Name
Make sure to research the trademark and web domain status of your intended business name. Having a unique identity will help with your branding and save you expensive trouble in the future.
When you start a new business, you will need to cut out most expenses to pay the essentials. Consider your basic needs such as housing costs, transportation, and insurance while leaving room for unexpected expenses. Granted you will be working an average of 50-60 hours most weeks for the first two or three years, so plan for what you will need to keep going.
Hire the Right Help
Many new business owners make the mistake of thinking they must do it all themselves. There is much work you will need to do, but hiring help will make all the difference. Consider taking on an accountant to help you wade through the many layers of taxes and better understand what will be necessary to become profitable.
It’s Not Personal
Make sure to surround yourself with positive people who bring skills to benefit your company. Be wary of hiring friends as many people struggle to let friends go when it becomes clear they are not a good fit. At work, even at a startup, you will need to set your feelings aside and keep the best interests of the company in mind.
If you have taken the above steps and are ready to take the legal and entrepreneurial plunge into starting your business, the team at Aldrich Legal Services is here to help. Our founding attorney Brad Aldrich draws on his more than 21 years experience in the legal and small-business fields to guide you through the business formation process avoiding potential problems along the way.