Every year, thousands of people in the United States launch small businesses to sell their products or services. Although some of these businesses grow and become successful, many others fail. The more you know about starting and running a business, the greater the chance yours will be a successful enterprise.
When you have made the decision to start a business, you will need to write a business plan. A business plan is the description of your company and provides information on what you do, the market your business serves, how you plan to market your business, generally projects 3-5 years ahead and outlines how your company is going to grow revenue.
You will need to decide on a legal structure for your business. The form of business you choose – sole proprietorship, partnership, LLC, etc. – will determine which income tax return you will file each year. Research the various types of ownership structures and if you are unsure what type would be best for your business, speak with a business lawyer for advice.
You will need to choose and register your business name. Check with your county clerk’s office to see if the name you have chosen is available. If you plan to do business online, you will also need to see if your proposed business name is available as a domain name.
After you register your business, you will need to obtain a tax identification number from the IRS, and also register with your state to obtain a tax identification number, and workers’ compensation, unemployment and disability insurance.
You will need to obtain all of the federal, state and local licenses and permits necessary for your new business.
The final step in starting your business is one of the most important a business owner can take: choosing the location of his business. The best location for your business is one that provides the most exposure to the customer base you are seeking. Other factors to consider in business location are: competition, local labor market, proximity to suppliers, safety of the area, and plans for future growth.
Starting and running a business is difficult enough without worrying about the legal aspects of a company’s operation. The daily operations of your business can be very complex, with various legal and regulatory factors to address. An experienced corporate and business law attorney can provide you with advice on the benefits of properly structuring your new business, on the best methods of protecting your business, and advice on a wide range of operational issues, as well.