So you have an amazing idea for a business…
But starting a business can be a very risky venture.
The more you plan and strategize before you start your business, the more likely you will be able to succeed.
Before you start your business, make sure yourself you ask the following…
What To Ask Before Starting Your Business
Before you get started, it’s important to take an honest look at your goals, skills, and finances.
Since no one else can answer this questions but you, it’s important, to be honest, since realizing you don’t have enough expertise does not mean your business will not flourish.
Before you being setting up your business, here are a few other questions you need to ask yourself:
What product or services are you offering?
How is your product/service unique?
Do you have enough capital to start or will you need a loan?
Who are your ideal customers?
Who else is doing this?
What aspects of the business are you not familiar with?
Will you have employees?
How are you going to finance your business?
How will you market your business?
What is your exit strategy if things don’t go as planned?
In case you are ready to start your own business, then there are 2 ways you are going to get this process started: starting from scratch and building or purchasing an existing business.
Starting a New Business from Scratch
You don’t need to panic, starting your own business isn’t as complex as you might think it is. At a minimum, you will need a name, state registration, and the applicable licenses.
You will also need to consider writing up a serious and comprehensive business plan, this is a legal requirement, and however, they are still a great idea. This is because it will help you think some of the choices and decisions you will have to make as your business picks up.
Purchasing an Existing Business
Even though getting an existing business is a potential head start, you will still need to be extremely thorough in your vetting of any potential purchases.
Ensure that you go through all the business books and consider professional assistance in case you are not good in accounting. Analyze the business plan to ensure everything is sound. You will still need to ask yourself the same type of questions any other new business owner does: what’s the product, target audience, how the product will be brought to the market?
To ensure that your startup starts on a good note requires a lot of legwork. Therefore, if you are ready to begin this journey, it’s important to pack a lot of patience and be prepared to conduct a careful investigation of each potential business.
How to Get Started with Your Business
It’s important to ask a business lawyer advice, before making any rash decisions.
In case you still have unanswered questions, or you would like to find out more about starting your own business, you can contact Sam Mollaei, Esq., a business lawyer at [email protected] or call (818) 925-0002.
Mollaei Law is a law firm specializing in business law serving businesses and entrepreneurs. We provide legal expertise in all stages of business development by drafting and reviewing contracts and agreements, assisting transactions and negotiating, forming LLC’s and Corporations, registering trademarks and copyrights, business planning, and answering any legal questions you may have about your business.