Starting your own business is one of the most exciting decisions you'll ever make. You may have aspirations of becoming a world-wide name or maybe you're content with gaining popularity in your hometown. Either way, building a strong foundation is crucial for any degree of success.
But where do you start? With so much to consider, it's easy to feel overwhelmed. The five tips shared below provide an excellent starting point for your new business, no matter where you see yourself in five years.
Secure your company name.
There is nothing worse than deciding on a name only to realize it's already been taken by another corporation. Choose one with an available trademark and internet domain name. Simply perform an online trademark search through the U.S. Patent and Trademark Office's website to check for availability. Even if it seems available after an online search, do a little extra digging. It never hurts to be completely sure that the name you're choosing is up for grabs.
Get right with the law.
If you're starting your own business, prepare to be bombarded with dozens of new rules and regulations. Most importantly – pay attention to them. Assess the license and tax requirements you'll need to follow and hire an attorney with a strong understanding of Commercial Law. Technical legalities can really trip up the success you might have.
Start building your legal structure.
How many owners do you want? How will your business be taxed? Do you need personal liability protection? While the legal side of owning a business is definitely not the "fun" side, it is fundamental to everything else you hope to accomplish. This is another area which your attorney can provide valuable assistance.
Organize your company paperwork.
There are several different business entities you can choose from, such as a sole proprietorship, a corporation, or a limited liability company. Find the one that best fits your goals and go from there. Each entity has its own benefit and drawbacks, so it is important to be informed.
Examine your finances.
Start-ups can be costly and present a serious financial risk. To ensure that you don't get in over your head, take a good look at your finances. How much can you afford to put into your business? When do you expect you'll make a profit? Perform due diligence now and reap the benefits later.
At Herrig & Vogt, LLP, we know how rewarding it can be when your hard work starts paying off. Trust our Roseville business attorneys to help you make your dreams a reality. Schedule a complimentary consultation today to begin building your new business!