How do I start up a small business?
Owning your own small business is the American dream for many. While coming up with a dynamic concept is an important step to any startup, your idea is just the launching point for your successful business. Our Austin, Texas business law lawyers discuss how you can grow your business from an idea to a full-fledged business.
Know Your Market
One of the first steps you should take to validate your concept is to study your potential market. Ask yourself the following questions:
- Is there a current need for my product or services?
- What is the competition like?
- How can I do it better than my competitors?
- Why does nothing like my concept already exist?
- How will my business fit into the market?
Exploring the market will require research on your behalf, which may include visits to competitors or conversations with would be purchasers. Once you feel that your concept is viable, you can then move towards actually development of the business.
Develop a Business Plan
You will need a business plan to move your business from a concept to reality. A traditional business plan can be quite complex and will include a thorough market picture with projections. If you anticipate needing to seek financing for your business, it will be important that you have a full business plan. Businesses that will not need financing may be able to create a shorter working business plan.
During this development phase, it will be vital that you decide who is going to assist you in your venture. A large scale business will typically require a team behind it. Entrepreneurs may wish to seek strategic partners with skill sets that the business needs to grow. As you bring in business partners, it will be critical that you protect yourself legally so that your share in the business is secured.
Choose Your Business Structure
Your business will need to operate under a business structure, which can include a limited liability company (LLC), corporation, or partnership. Choosing your business entity will impact your ability to raise capital, bring in new members, and file for taxes. Consult with a business law attorney for assistance with transforming your concept into a successful Texas start up today.