What Do You Need to Start a Small Business?
Operating your own business can be a richly rewarding experience. Small businesses ownership is still among the most sought-after dreams in this country, but in order for the experience to be a positive one, you need to make sure from the outset that you have your proverbial ducks in a row. A Brazos County business attorney can assist you in setting up your small business.
The Business Plan
It is a sad fact that the vast majority of small businesses fail within the first few years of operation. This is largely due to a lack of planning and good fiscal management. Your Brazos County business attorney will tell you it is vital that you create a business plan. In fact, when you apply for a business loan you will almost certainly need to show that you have a business plan. This will include:
- The nature of the business
- How you will manage it
- Whether or not you will hire employees
- The function of each owner in the business
- Location of the business
- How you will market the business
You need to conduct a marketing analysis to determine whether your location and concept are viable. You also need to project profits for the first year. Keep in mind that it is common for a new business to take several years before achieving a profit.
The Business Structure
You will need to decide what form your business will take. There are many issues to consider. For instance, if you decide to operate a sole proprietorship from your home, you will need to know whether your property is zoned for this. Check with your local county clerk's office.
Permits, Loans, Etc.
Most new small business owners need to acquire a business loan. Your Brazos County business attorney can help you gather all the information necessary for when you go to the bank. You will also need the following:
- A business name
- A tax account with the Texas comptroller
- Necessary permits
- Business license
Work with a Brazos County Business Attorney to Set up Your Small Business
While starting your own small business can put you on the road to financial independence and enhance your quality of life, you need to take make sure you do everything properly and in accordance with local and state regulations. Call a Brazos County business attorney today at Peterson Law Group to arrange a consultation at 979-703-7014 or 936-337-4681.