Creating a Business Plan
One of the crucial keystones of becoming a business owner is creating a business plan. This business plan is used as a guide for what you choose to do or sell, how you plan to do it, where you plan to do it, where you plan to get financing and many other elements that a novice business owner might not fully understand. Having an experienced person on your team helping you along the way from the original business plan, Entity Identification Number acquisition, or any other legal forms regarding company structure, finances, or property agreements is necessary.
A great resource for business planning is www.sba.gov which is the U.S. Small Business Administration website. It provides a plethora of information to help make the process of business planning easier. However, having an attorney available for reviewing of important documents and clarification when necessary is important to ensure the foundation of your new endeavor is solid.
Some Steps in Starting and Managing a Business
Make sure you are aware of what the process entails and determine how much time and money you are able to contribute to make it a reality, as well as continuing to operate until it reaches a successful and profitable status.
Creating a Business Plan
This is a planning guide for a time period of three to five years. It includes a description of what your company will look like with data collected from related fields of business, also targeting demographics based on geographic location. This document can be changed and evolved as your company grows. This plan may be needed to acquire a rental property, financing, investors, and future customers.
Choose your Business Structure
There are six common options for business structures; this decision is good to discuss with your Attorney before completing the appropriate paperwork. The structures are: Sole Proprietorship, Limited Liability Company, Cooperative, Corporation, Partnership, and S Corporation. Then file a “Doing Business As” or “Fictitious Name” form to claim and register the name of the business to the predetermined structure.
Obtain Business Licenses and Permits
An attorney is highly recommended at this stage for filling out the appropriate forms to make sure your business is registered on federal, state, and local levels.
Finance your Business
Determining where the money will come from and filling out appropriate business forms related to money will get this step started.
Filling out forms to obtain a Federal Tax Identification Number and determining how and when taxes will be paid.
Choosing a Location and Equipment
This step requires attention to detail, research, and planning.
Hiring and Maintaining Employees
There are forms and legalities to review with a professional attorney.
Contact an Business Practice and Planning Attorney
Starting today, let The Bassett Law firm help you complete these steps toward fulfilling your business owning dreams. Call the Bassett Law Firm LLP at 479.521.9996 or fill out the brief contact form to schedule an appointment. The firm is located in Fayetteville, Arkansas and has experienced attorneys with the knowledge to meet your needs in Oklahoma, Missouri, and Arkansas.