Twenty years from now you will be more disappointed by the things that you didn’t do than by the ones you did do. ~Mark Twain
If you are finally ready to take the plunge and start that new business you’ve been dreaming about, congratulations! Embracing the world of entrepreneurship can be liberating, exciting and daunting all at once. While starting a business can be risky, if you plan ahead well, you are helping to create a stronger foundation for your business’ future success.
Below is a basic checklist of the things you need to consider and do before you take that next important step:
- Research your market to make sure there are potential customers for your product.
- Write at least a preliminary business plan and marketing plan.
- Brainstorm a name and make sure the name is available.
- Secure a domain name and start the trademark process for your business name.
- Discuss business legal structures with a business attorney and choose the one that fits your goals and needs best. (Each option carries different tax requirements and various pros and cons.)
- Determine who will join you as partners or co-founders.
- Decide if you need a physical location for operations.
- Draft the various legal agreements you need to protect yourself and your investment, and to comply with business law. These include, but are not limited to:
- Partner/founder agreements
- Non-disclosure agreements
- Articles of incorporation, bylaws, etc.
- Employee contracts
- Customer policies and processes
- Obtain any necessary permits, licenses and insurance.
- Protect your intellectual property. (Take a look at our past intellectual property blogs to learn more.)
There is a lot to consider before you enter the marketplace with a new business. To simplify the process, contact EmergeCounsel to consult with a skilled business attorney today.