5 Expert Tips for Launching a Business in the New Year

launching a businessThe beginning of a new year is the perfect time to get started on making your dreams and goals a reality.  If launching a business is on the list, don’t put it off any longer!  To get you started, here are some important issues to pay attention to when getting that business up and running.

Spend Enough Time Planning

You can never be too prepared when launching a business.  Therefore, take the time during the important planning phase to develop a strong business plan that includes a detailed financial plan for the business and an effective marketing strategy.  Additionally, you should research who your ideal customer is. This way, you can examine the market in order ensure that your product or service is priced appropriately.  You will likely need this information in order to obtain a small business loan, and it will give you a solid foundation on which to grow the company.

Choose the Correct Business Structure

The business structure you choose affects the paperwork you need to file, how much you pay in taxes, as well as your personal liability.  So it’s important to choose carefully.  Some of the more common business structures include:

  • Sole proprietorship
  • Partnership
  • Limited Liability Company (LLC)
  • Corporation
  • Cooperative

Selecting the correct entity structure is crucial to the success of your organization.  Our attorneys have in-depth experience in business formation and can help you determine the best option for your small business.

Decide on a Great Business Name

Choosing a name for your new business can be one of the most exciting, personal decisions in the process and it should be done with care for a number of reasons.  Selecting a name that best represents who you are as a company and what you offer can help the business become more successful.  Legally, it is very important to register your name in order to protect it.  This should be done at the state and federal level, as well as online with a website domain name.

Invest in Marketing

You may have the best business idea ever, but how will you let people know about it?  Even the biggest, most successful companies don’t rely solely on word-of-mouth to sell their products and services.  In the excitement of launching a business, remember to think long-term when it comes to promoting yourself.  With competition from brick and mortar businesses, as well as seemingly unlimited online outlets, letting potential customers know about your business and setting yourself apart from the rest is important to survive.

Hire an Experienced Small Business Attorney

Launching a business can be an overwhelming process, especially when it comes to the legal aspect of it all.  From beginning to end, there will be legal issues to contend with, documents to prepare and submit, licenses to apply for, and employment matters to understand.  Making a mistake at any time can wind up costing your business unnecessary fees or fines, or much more if a lawsuit is filed against the company.  Churchill, Quinn, Richtman & Hamilton, Ltd can be a valuable resource for any legal challenges your business may face.

Not only can we help you get your new business successfully up and running, but our experienced team can be your legal partner for the duration of your business operations.  Legal issues are a continual concern for a business owner, and our decades of experience will ensure that your business stays protected.  Contact our Grayslake office at 847-223-1500 to learn more.