Wednesday, June 8, 2011

New Business Formation | How do I start a new business?

Congratulations, you have decided to open a business. Now you ask yourself, "How do I do this?" There are a number of things you need to think about while opening your business. First, you have to ask youself if what you are offering, others would be willing to pay you to have. I am an attorney, so my offering is advice after years of education, training, and life experience. People are willing to pay for my advice because they know I have been through the required training, as determined by the bar association. Let's pretend that you sell dog scarves. Why would an individual give you money for you dog scarf? Do you have the skills to make a quality scarf for a price that is low enough for people to affored and want to purchace. Plus, you have to be able to make a profit. If you can answer this question with a resounding are ready to take your business to the next step. I will give you a short list, which will be added to later, that will get your mind thinking about the steps neeed for a sucessful business.

1. Secure Financing - either a loan or your savings
2. Limit Your Liability - Speak to an attorney about business vehicles
3. Purchase Accounting Software - Most people choose quickbooks, you should talk to your accountant first.
4. Purchase Business Insurance
5. Set Up Office Protocol
6. Create Promotional Materials
7. Check with City about Business License
8. ENsure you are in compliance with zoning law
9. Get a Federal EIN number
10. Start Selling Your Product.

During all of these stages, the advice of a lawyer will ensure you are doing everything legally and protecting yourself from risk. The Law Office of Jonathan W. Cole is happy to provide legal advice to you though the entire new business formation. Unlike some attorneys, Jonathan is willing to assist with more than just the filing with the Secretary of State. The Law Office of Jonathan W. Cole knows there is more to the formation of a business than the filing of a few papers. Look for upcoming posts on each of these steps and more steps that are omitted. Good luck with your new business.

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