There are some things that you will want to do before starting a small business.
Having a plan is crucial. Not just a business plan, which is the framework of your business, you will need to know if your idea for a business is feasible and worth the time, effort and money you will put in to it.
Factors to consider are what the purpose of your services and goods is , what competition there is, and can your potential client base afford, or want, or even need, your services.
Once you are able to determine the feasibility of your business, then you will need a business plan. Your business plan will cover what your short term, mid-term and long term goals of the business are. Your plan should include how you expect to get clients, how many clients you can reasonably expect to get during the initial phase of your business. How you will market your goods/services and how you expect to pay for the expenses of the business. You should be realistic in your expectations.
In starting a small business you should consult with an accountant to determine what you financially can afford to contribute, whether you will need financing, what financial decisions need to be made before deciding whether or not to incorporate a business or use some other form of business, such as a dba. Deciding where to locate your business, whether in a store front, your home or just a virtual office is important. You must decide what structure will best suit your business.
Sole Proprietorship
A sole proprietorship is the most basic type of business to establish. You alone own the company and are responsible for its assets and liabilities. Learn more about the sole proprietor structure.
Limited Liability Company
An LLC is designed to provide the limited liability features of a corporation as well as the tax efficiency and operational flexibility of a partnership. Learn more about how LLCs are structured.
Cooperative
People form cooperatives to meet a collective need or to provide a service that benefits all member-owners. Learn more about how cooperatives are structured.
Corporation
A corporation (C-corporation) is more complex and generally suggested for larger, established companies with multiple employees. Learn more about how Corporations are structured.
Partnership
There are several different types of partnerships, which depend on the nature of the arrangement and partner responsibility for the business. Learn more about how these are structured.
S Corporation
An S corporation is similar to a C corporation but you are taxed only on the personal level. Learn more about how S corporations are structured.
If you are interested in starting your own small business, we would be glad to help you navigate the many different avenues of business! Contact Levine-Piro Law at 978-637-2048 for a free ten minute phone consultation or e-mail at office@levinepirolaw.com.
