So you have decided to take the leap and start your own business. It is an exciting adventure. It is important to make sure that when doing so, you take the right steps. First, you need to surround yourself with capable and responsive professionals. Of course, an accountant and attorney are the most important ones to retain. Later, you may also wish to obtain a financial advisor. It is always a good idea to create a business plan, by doing some research on your own and/or engaging your accountant.
One of the first tasks you will likely undertake is to form a corporation or limited liability company. Which entity you choose is important, for tax and other reasons. Both the accountant and attorney can help you decide which is the best option for you. Once you pick a name and make sure that the name is available in the state where you reside, you can begin formation of the entity. Again, it is usually best to have an accountant or attorney help you with this.
The next order of business may be to find space for your new business, unless, of course, you will have a home-based business. There are pros and cons to having a home-based business. Of course, the main advantage is that it is a lot less expensive to use your home, and a lot easier. You need to factor in, however, the appearance having a home business will give to your customers. That depends on the business you are embarking on. It is more important for some types of businesses to give a good impression. If starting a home business, it is important to use a post office box for your letterhead, mailings, etc., as that will look more professional than having a house address. It will also ensure your privacy, so customers do not know where you live.
After the initial steps in getting your business started, it is usually a good idea to discuss with your attorney what contracts you will need in the operation of your business. It is always wise to put all of the terms of your business dealings in writing, to avoid disputes.
Starting your own business is an exciting adventure. Taking the right steps, with the advice of capable professionals, will help ensure its success as well.