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Austin TX Business Law Blog

Saturday, March 30, 2019

Steps to Starting a Business

Texas Business Law Attorney

Putting that entrepreneurial spirit into action and forming your own business is a big step. Starting a business is the time to put all of those exciting ideas into a more detailed and concrete plan that will lay the foundation for its future. The Kumar Firm takes great pride in providing trusted legal counsel to those who are looking to start their own business. It is a journey filled with important decisions and legal considerations. The Kumar Firm will help you navigate these waters and help set your business up for success.

What are the Steps to Starting a Business?

The first step to starting a business is to develop a solid business plan. Get down into the specifics of what your business will look like. You will need to answer some tough, but necessary questions about your business such as:

  • What is your product?
  • What need does your product fill?
  • Why is your product better than what is already out on the market?
  • Who makes up your customer base?
  • How will you draw these customers to your business?

Your plan also needs to get into financial considerations. Projections of how you will be generating money to break even on your start-up costs and then go on to make a profit may be humbling, but it will give you realistic goals as you start out. Additionally, break down how you will fund your business. Will you be putting in your own money up front? Will you need investors? If you are looking for investors, your business plan will be essential in convincing them whether they should invest or not.

Your business plan should include budgets, marketing plans, and what type of professional partnerships you will need to form to successfully grown your business. Professional partnerships also include looking at your hiring needs. Who will you need to hire to streamline the day to day business dealings? Who will you need to hire, if anyone, to help with big picture items?

When planning your business, you will also need to choose your business structure and make it official. Learn about the benefits and limitations of each business structure. Maybe an LLC is the right fit for you. Maybe a partnership would be better. It is an important decision that will have a significant bearing on future tax consequences and liability issues, should they ever arise.

You will also need to file the requisite tax forms. The specific forms you need to complete will depend on several factors such as your business type and size. Additionally, most business need a Federal EIN referred to as a Tax ID number. The EIN identifies the business in federal tax filings. There will also be more paperwork and legal hurdles to jump. You will need to obtain any required licensing and permits. These will largely depend on your business type and location.

The business will also need its own bank account. Different banks have varying terms for their accounts. Some have higher fees or minimum requirements that you should be aware of and some have added benefits for business accounts.

There are many more things to do to set up a business, but these are some of the major preliminary steps. You will also need to do things like market research, market your business, establish an online presence, and much more.

Helping Entrepreneurs Set Their Business Up for Success

At The Kumar Law Firm, entrepreneurs come to us with big and exciting ideas for starting a business. It is an exciting time to start out on the business journey and we are happy to help every step of the way. Contact The Kumar Law Firm today.

 


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