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What should you consider when starting a business? 

| Jul 8, 2021 | Business Formation & Planning |

Starting a company isn’t easy. One of the greatest things about America is that anyone has the opportunity to start a business and carve out a career for themselves, but the other side of that coin is that you’re going to face a lot of competition from others who are doing the same thing. 

So, to give yourself the best chance at success in this new endeavor, what should you consider before launching your company? 

Ask yourself these important questions

Asking questions is almost always a great place to begin. It gets you thinking critically about your plans so that you can refine them and take the right approach. Here are a few that will help tremendously:

  • What is your goal? What drives you to be a business owner?
  • How lucrative is your idea? A great idea that can’t be monetized won’t find sustained success.
  • Is there a market for the goods and services you’re offering? Understanding your market is essential to growth.
  • How much competition do you have? Have you considered what they do well and what you can do better to give you the edge?
  • How do you plan to fund the business? What have
  • Are you going to start a side business and slowly let it grow, or do you want to start a full-time business with a larger initial investment?
  • Do you need a business partner? Your business may benefit from someone whose skills complement your own.
  • Do you need employees? At some point, you need to scale up, but that may be in the future.
  • How would your business be organized? Do you want a sole proprietorship, a limited liability company or something else?
  • What steps do you need to take for licensing, trademarks, copyrights, official business formation and taxes?

As you work through these questions, carefully consider the legal requirements you’ll need to meet. Working with an experienced advocate from the start can reduce your stress and the potential for future problems. 

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