Starting a New Business?

Hello Everyone;

I hope this email finds you and your families healthy, safe, and thriving.

Especially after the events of the past year, starting a new, small, business has become a model to the realization of personal aspirations, allowing individual strengths, talents, and interests to come together to achieve dreams. Part of the roadmap to success involves taking the necessary steps to ensure that the structure and implementation of your business is sound and best suited to your business purpose and goals.

For instance:

1. Have you drafted a business plan? A business plan allows you to gain a better understanding of your industry structure, competitive landscape, and the capital requirements of starting a small business

2. Have you chosen a name for your company? Is that name legally available to you?

3. Have you decided which form of entity best suits your business purpose and goals (i.e. a Sole Proprietorship, Corporation, LLC, Partnership)?

4. Do you need local and/or state permits or approval to operate your business?

Then, there are the contracts involved with running a business, i.e. employment, service, vendor, etc. Contracts particularly tailored to your business are essential for protecting your, and your company's, interests.

Yes, starting a business is a very exciting prospect. To be successful in the end, however, it is important to start off with a sound business foundation. If you, or anyone you know, are in the process of starting a small business, it is essential that you speak with someone with the experience and knowledge in business structure and formation.

Until the next blog, Remember to Be Excellent to Yourself and to Each Other.