Thinking About Starting a Business?
Author: Zhanna A. Maydanich, Esquire
If you always wanted to be an entrepreneur, the opportunities are limitless. To start this journey, you need a business idea and the passion and determination to see it through. However, if it was that easy then everyone would be doing it. The difference between a business’s success and its failure to launch is a well-executed plan and a solid startup foundation.
Start by asking yourself the following:
- WHAT skills/knowledge do I have to succeed in Business?
- WHERE do my interests/passions lie?
- WHY do I want to develop this business and be an entrepreneur?
- WHO is my target consumer?
- HOW do I get started and create a plan for success?
When evaluating these questions, be brutally honest with yourself. These answers will set the foundation for developing a roadmap for yourself to move your plan forward. As you think about the answers to these questions, it’s important to share your thoughts with your family, respected business mentors, and your potential consumers.
It is vital to research and learn as much as you can about the industry and marketplace you will be stepping into. Truly assess the growth potential of your business and the long-term sustainability of your business plan. As you explore these issues, be sure to listen to feedback and advice of seasoned entrepreneurs and industry professionals who have successfully navigated this journey before you. Never be afraid to ask questions and ask for help every step of the way. Understand that it’s impossible to do this alone.
Getting Your Business “Officially” Started
Once you have identified the right business venture for yourself and you have a solid plan, it is time to make it official. Business formation needs to start on solid legal ground. Also, be sure to consult and engage with Owings Mills, MD accounting and tax professionals, industry specialists, and field experts to ensure that you are addressing anticipated issues from every angle. It’s vital to know and understand all your options to anticipate possible pitfalls.
Legal Advice Early on Makes a Big Difference
Early consultation with and engagement of legal counsel will ensure that you set your new business venture on a path to success. A skilled and knowledgeable Owings Mills business attorney will work with you to determine which business structure is best for you. It’s crucial to determine whether your business should operate as a Limited Liability Company (LLC), a Corporation, a Partnership or something else.
A seasoned business lawyer will properly incorporate your new Maryland business and create legal documents to address your specific business structure. A skilled business attorney will identify and specific legal implications involved with single-member businesses and address unique issues facing multi-partner/member businesses. A knowledgeable business attorney will address industry-specific legal issues unique to your business, such as patent, trademark or other requirements that may need to be resolved as you embark on your business journey. An experienced business attorney will work with you to identify potential legal issues and pitfalls you can anticipate and will teach you how to avoid running into legal trouble.
Engaging legal counsel at the earliest stage of your business planning will serve to ensure that your business starts off on a solid legal foundation. Having a trusted attorney by your side will allow you to confidently focus on pursuing your passion, growing your business and living your dream.
Ready, Set, Go!!
Armed with your best idea, a wealth of passion, and a sound plan, you are ready to embark on a most rewarding and successful journey. At ZM Law Group, YOUR business is our passion and ensuring your success is OUR business. Zhanna A. Maydanich, Esquire and her team will work tirelessly to ensure that your legal issues do not become legal troubles.
Engage the Business Law team at ZM Law Group to safeguard and protect your business while you keep your mind on your business. For twenty years, we have advised and assisted small businesses with every aspect of their business. Whether at the beginning of your venture or if you are developing and implementing an exit or succession strategy, we help you flourish!