Some people have a dream to start their own business from scratch, rather than building on someone else’s business. It is a good idea to consult with commercial lawyers if you decide to go this route because there is a great deal involved that you may not know about. In fact, starting your own business can be hard work, so here is a checklist that will help you.
- You need to know if your business idea is likely to be successful. Do some research and see if there are other similar businesses in the area that you would be in competition with. Find out if there is a market for your business. For instance, there would not be much need for wagon wheels these days, but coffee shops often thrive, especially if you can have a unique selling point. For instance, you could offer homemade blueberry pies.
- Do you have the skills needed to run a business? You may be able to cook great blueberry pies, but if you don’t know anything about cash flow you could be in trouble. Taking the time to learn business skills could mean the difference between success and failure.
- Are you a person with a vision, the initiative to put it into practice and the motivation to keep on even when you are tired and the going gets hard? If not, running your own business may not be for you.
- Have you had any experience in the kind of business you want to start? If you want to own and run a motel, working in one first will give you a better understanding of what’s involved. Experience from the ground up often proves invaluable as you get to know all those important but often invisible nuts and bolts that hold the business together.
- A commercial lawyer can help you draft a solid business plan that will help you get the finance you need for starting up. It usually takes more than you think.
- You need to choose your business structure as each has its own tax implications. You will also need various licenses, insurance, registration and an understanding of the tax you’ll pay in order to avoid costly fines.
- You need a support team of advisors. Mum or Dad don’t count unless they are qualified accountants, lawyers or business people. Make sure you have a commercial lawyer
- Work out the finances and how to divvy them up between stock, equipment, cash flow, insurance, the lease and all the other hands that are out to take a cut.
- Don’t forget advertising. Most business need some form of marketing to ensure everyone knows what they offer and where to get it.