Posted on January 15, 2015 in Business Law
So you want to build a business but are unsure how to begin. The first step in creating a business is developing a business plan. The plan is your road map. It will describe your business’s purpose, analyze the market you’re entering and identify the resources you will need.
Step two is two determine where you business will be located. Location, location, location! Whether it’s on the corner of a busy city block or the virtual space of the internet, it’s important to determine what venue is going to serve your business best.
After determining the ideal location for you business, you will have to acquire the funds necessary to be successful. A big problem start ups have is underfunding due to poor planning. Careful thought of all areas that require funding will avoid headaches in the future.
Finally, you’ll want to address your legalities. Creating bylaws and partnership and employee agreements is an important part of creating a sound business. These documents will clarify the relationships of the individuals that take part in the business. In a related note, you’ll want to make sure you obtain all licenses and permits your business will need and to register to do business.