Starting a business is an exciting adventure not for the faint of heart. Increase your business’s chances of success by preparing a solid foundation before you open the doors. Consider which of these factors apply to you and start checking them off your to do list.
- Determine what kind of business you want to start, the feasibility of making the business profitable, and the type of business entity you will operate.
- Research your target market, industry trends, and existing competition.
- Consider possible business locations.
- Establish a business plan to include management structure, marketing plan, production and growth strategies, and financial considerations.
- Create a start-up budget. Don’t forget to include the costs of business licenses, insurance coverage, and a healthy overage for unexpected expenses.
- Apply for a federal Employer Identification Number.
- Secure financing, if needed.
- Establish record-keeping procedures for financial management, personnel, maintenance, marketing, and innovation.
- Secure insurance coverage for your business, including premises liability coverage, business vehicle coverage, and worker’s compensation insurance if needed.
- Set up bank accounts for your business.
- Secure necessary business licenses.
When all of these tasks are behind you, you will be well on your way to establishing a solid foundation for your business. If you have not already done so, now is the time to establish a relationship with a business law attorney who can help ensure compliance with state and local licensing authorities and any industry regulations that apply to your business.
For professional legal advice about any aspect of starting or growing your business, call an experienced business law attorney. Scolieri Law Group, P.C. can answer your business law questions and help you get started in western Pennsylvania. Contact us today at (412)765-0546 or info@scolierilaw.com.