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The ABCs of starting a business

Starting a business is the dream of many people, especially those that can't be tied down to the confines of a typical, clock-in, clock-out, nine-to-five job. This country has become great thanks to the entrepreneurship of brave people who were willing to risk it all to bring the world something new. That may be you. You might have a great idea for a business, but you have no idea how to get it off the ground.

With that in mind, let's take a look at the 30,000-foot view of the process of starting a company.

  1. First, you should take your idea and make it into something more substantial. This means drawing up a plan of attack, often referred to as a business plan. Your business plan will outline goals for the business and provides details on how to meet those goals.
  2. You will then need to decide what type of business you want. There are many to choose from: limited liability companies, sole proprietorships, corporations and partnerships. This subject is too broad to cover here, but an attorney can help you decide which model is best for you.
  3. Even though your idea may be simple, there are a host of licenses and processes that must be completed for you to hang out your shingle. The types you will need to file depend largely on your industry.
  4. Finally, you will staff your new business and have to follow all state and federal regulations with your workforce. This includes instituting anti-discrimination measures, workplace safety and wage requirements.

With all the complications that can arise throughout this process, it may be a good idea to have an attorney to walk you through it.

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