Every year, thousands of Americans decide to become entrepreneurs. The process of launching a business is incredibly complex and the more you understand, the better chances you have of developing, opening and maintaining a successful business. In this blog, our Montgomery County business lawyer discusses five must-know items for entrepreneurs like yourself.
1. Create a Business Plan
Once you have determined which type of business best works for you, establishing an effective business plan is essential to your success. As you develop your business plan, consider how you will achieve these two goals:
- Describe the fundamentals of your business
- Detail how you plan to make money
After those two goals are outlined, you can use your business plan to attract investors and apply for loans.
2. Create a Marketing Plan
A successful business needs to have a marketing and advertisement campaign lined up to attract potential customers; devising a marketing plan starts with identifying your target audience. For example, if your business plan involves opening a coffee shop, determine what kind of coffee shop you hope to open. Are you targeting customers who will be purchasing coffee and working for long periods in your café or is your business geared more toward the coffee drinkers on the go? After you have outlined who your target audience is, conduct some market research into your audience. Finally, explore which marketing and advertisement options will work best for your business. Should you send mail flyers, attend trade shows, or purchase radio or television ad slots? You could also consider advertising online.
3. Determine Which Legal Structure Works for Your Business
Determining which legal structure will work best for your business is best done with the advisement of a Montgomery County business attorney. When you work with our legal team, they can help you decide whether a sole proprietorship, LLC, corporation or S corporation, is right for you.
4. File Licenses & Permits
Whether your business is an LLC, sole proprietorship, or corporation, determining which licenses and permits the federal and state governments require for you to operate legally is important. It may be necessary for you to obtain a professional license or a home occupation permit if you plan to run your business out of your home. During this time, you should also register your business name and register to obtain a tax ID number.
Montgomery County Business Attorney
If you are considering launching a new business, you may want to seek out the legal advice of a skilled Montgomery County business lawyer from Dossey & Jones, PLLC. When you work with our team, you can rest assured knowing you have a knowledgeable, compassionate firm on your side. Give us a call (281) 410-2792 to start your consultation today.