Starting a small business can be very rewarding but is extremely challenging, no matter what type of business you are in. There are many factors that affect small businesses, especially new one, and as someone who’s been providing Carroll County, MD with business lawyer services for years, I wanted to take some time today to talk about the “right time” to start a small business.
The Right Time
The “right time” to start your business is when you are ready. If you know what you want to do, are financially ready, and are willing to work at it, why wait? (“ It’s the job that’s never started as takes longest to finish.”—J.R.R. Tolkien). Of course that doesn’t mean that you shouldn’t do any planning before you start your business, but you don’t need to have 100% of your plan developed before you open your doors. Here are some first steps:
ESTABLISH WHO YOUR CUSTOMERS ARE AND WHAT THEY NEED AND WANT.
The best way to find out who your target market will be is to do a little research, including asking potential customers what they want and need. No matter how good of an idea you may have, it’s always a good idea to run it by potential customers.
MAKE SURE YOU ARE READY—FINANCIALLY AND PSYCHOLOGICALLY.
When you first open your doors, it may take a little while before you start making money. Make sure you have the resources to keep you going for a few weeks. And make sure that you are ready for the time and energy you will need to devote to being a business owner. If you have a family, it is a good idea to prepare them and make sure that they are on board. But remember, while you the most critical part about small business ownership is your. You should take others’ opinions into account, but at the end of the day, what’s really important is how you feel about your business moving forward.
WORK WITH A LOCAL BUSINESS ATTORNEY .
There are a lot of legal decisions to be made when starting a business. Should you form a corporation or an LLC, or operate as a Sole Proprietor? If you will have partners, what are the expectations and responsibilities, and should you have a written agreement? (Hint—the answer is always YES!). Will you need a permit or a business license? Are you going to rent office or other work space, or will you work from home, and if so, is that allowed in your neighborhood? Should your spouse be involved in the business? Should you have insurance? Should you have employees or independent contractors? A consultation with a business attorney can save you a lot of money in the long run and hours of time and frustration.
Here at DK Rus Law, we have been providing Carroll, Baltimore, Harford and Frederick Counties with our business legal services for years. If you have a question about the best way to start your new business, or any questions at all, give us a call. We would be happy to set up a consultation to help you in any way we can.