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How to Start a Company (5 Practical Steps) (2020)

If you want to know how to start a company, you need to speak to a business attorney, like myself, and learn some of the basics of establishing a business. You really cannot start a company without advice from an experienced business attorney. You can reach me by email at sam@mollaeilaw.com to set up an appointment and seek further advice. 

 

Why You Need Legal Help if You Want to Know How to Start a Company

By using the services of an experienced and knowledgeable business attorney, you can get your questions answered and find out how to start a company that will succeed. For example, you can opt to operate in business by forming one of the following entities:

  • A Sole Proprietorship
  • A Partnership
  • A Limited Liability Company (LLC)
  • A Corporation
  • A Professional Corporation

I can assist you in determining which entity will be right for you. Read the following information to give you a general idea about beginning a business first.

The 5 following steps will give you some basic information so you can do business and meet any financial or legal requirements. Contact me anytime at sam@mollaeilaw.com for additional support.

Before the 5 steps are covered, keep in mind that becoming a business owner is more involved than what you may realize. That is why you need to align yourself with a business attorney before you do anything else. By taking this initial step, you can proceed with more confidence.

Below are the initial steps. 

  1. Think of a Business Idea and Formulate a Plan
  2. Research the Market
  3. Prepare a Business Plan
  4. Obtain a Small Business Loan
  5. Start Promoting Your Business

 

1. Think of a Business Idea and Formulate a Plan

Your initial business idea will give you the incentive to proceed with starting a company. A business idea that is well-thought-out should satisfy a customer’s need, solve a current problem, or meet customer demand. 

The idea you establish should be somewhat unique and customer-friendly. While your idea does not have to be a one-of-a-kind idea, it should feature a service or product that makes it stand out from the competition.

Once you have decided on a start-up idea and facilitated a plan, you are ready to get the business started.

 

2. Research the Market

To implement a business and work with an attorney, you will need to research the market and field. What type of market will you be targeting? You need to understand your customer base before you proceed any further. 

This type of information can help you determine how much capital you need to invest and where to obtain funding. It can also be used to determine what type of business entity you should establish. I can answer all your questions with respect to the formation.

Simply email me at sam@mollaeilaw.com with your start-up inquiries. By having a lawyer’s input, you can make more concrete decisions to help your company expand and grow.

When you are conducting research, you need to organize yourself so you can easily answer the following questions:

  • With whom will you be competing? 
  • What do other businesses have and don’t have? 
  • Can you be a viable contender?
  • How will the local market be influenced by what you have to sell?
  • What type of market is best-suited for your small business or upstart?

Keep in mind that if you have a niche product or service, you may have little in the way of competition. However, the market may only sustain a few companies. Maybe your idea can attract a large base of customers.

However, the marketplace may be oversaturated, which can make it difficult to sell your particular product or service.

Any market research you do will help you understand potential customers more and attract the right type of customers to your door.

 

3. Prepare a Business Plan

To turn your business idea into an operational company, you need to prepare a business plan. A business plan is critical for expanding your business, especially if you are an entrepreneur.

Therefore, you need to know, basically, how to develop a plan – one that is legal and in writing.

The plan should include the following details:

  • How you will manufacture or provide you product or service
  • Whether or not you need to depend on suppliers
  • How much you can pay supplier companies
  • How your goals will be realized

When you prepare a plan, you need to retain the services of an accountant. He or she can review the written plan and see if the plan is cost-effective. Speak to marketers and suppliers, as well, to confirm the exact pricing. 

To prepare a business plan, you should confer with an accountant and have a basic understanding of marketing, accounting, and business operational practices.

In some cases, you can present this plan to angel investors who can help you fund your business. Otherwise, you typically will apply for a small business loan to begin operations.

I can assist you in forming a business entity – one that will protect your business interests and safeguard your personal assets. You can ask about business formation when you email me at sam@mollaeilaw.com.

Most people, when funding a start-up or forming a business, will choose to set up a limited liability company, or LLC. An LLC offers certain tax advantages, such as pass-through taxation (your company is not taxed) and safety from lawsuits. 

For example, if someone sues you, he or she cannot take your personal assets to pay for damages. He or she can only sue your business – not you personally.

Naturally, when you prepare a business plan, you can find out what entity will best suit your needs as a company. Whether you choose to incorporate, set up an LLC, or create a partnership, you should have the help of a legal specialist. 

Because I specialized in company formations, you can ask me, anytime, to help you with forming your start-up or small business enterprise. Email me at sam@mollaeilaw.com now.

 

4. Obtain a Small Business Loan

Unless you can obtain funds from an angel investor, you will need to take out a business loan to get funded. You can obtain a loan from a large number of funding sources online.

Before you begin the activity, you will need to have a small business bank account. 

Again, it is helpful to ask an attorney to help you with setting up the business bank account as well. I can assist you with getting an EIN (Employer Identification Number). You will need this number to establish a business bank account. 

You can use the loan for purchasing equipment, paying employees, or renting office space – everything you need to get started and accept an income stream. 

You need to be prepared once you have your idea implemented and a business plan laid out. Contact me to give you the legal incentive and support you need to realize your business dream. Email me at sam@mollaeilaw.com for further information.

 

5. Start Promoting Your Business

Promoting your business, you will find, can be complex. That is why you will need legal and accounting help to begin and stay in business. Some of the traditional steps of the sales process follow:

  • Prospect for leads and enter them into the sales funnel
  • Set an appointment or cold call people about your products and services
  • Qualify leads and prospects, asking the person if he or she can buy your product or service

You can qualify a prospect by asking the following questions:

  • What are your current concerns?
  • Have you considered buy [your product or service)? If so, why? If not, why?
  • Can you see yourself using this product or service?
  • Do you understand how this product or service can be beneficial?

When qualifying leads, make sure you are speaking to the person who is a decision-maker or can directly benefit from what your business sells. 

Next, you will need to present your product, if you have established an interest. The presentation permits you to show how your product can benefit your prospect or solve his or her problem. During the presentation, you can address objections. 

Don’t get discouraged about objections, as they denote that a prospect is considering a purchase. Close the sale by asking for the person’s business. 

Other promotional tools you can use involve website development, content curation, and social media. All these promotional aids play a part in establishing your presence in your community and online. 

 

What To Do Next 

I can guide you legally in learning how to start a company that will be successful both legally and financially. Now that you have a basic idea of what to do, I can help support your company’s formation and initiation.

You cannot launch any business without the assistance of an attorney and a CPA. For your legal needs, contact me immediately at sam@mollaeilaw.com. This is an exciting time to start a business. Make sure you have your plans made and work with professionals in the legal and accounting fields to get a firmer business footing.

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