More and more millennials are turning their dreams into reality by embracing entrepreneurship. If you have been thinking about striking out on your own, it is important to follow a few basic steps. This will help ensure you have met any legal obligations while also setting your new business up for its best chance at success.
- Develop a Business Plan
A solid business plan is one of your most powerful tools when starting a new business. It will serve as your roadmap throughout operations, so make sure it is user-friendly and easy to refer back to as you move forward. At the very least, your plan should include the findings from market research, the type of legal structure you are planning to use, funding plans and anticipated revenue. If you are unsure where to start, reach out to the local Small Business Administration office for guidance and free assistance.
- Prepare Legal Filings
There are several legal things that must be taken care of before you can legally operate. While this can seem daunting, most are relatively straightforward. It is a good idea to consult with a business attorney before making any major decisions if you have any doubts. A few of the things that you’ll need to address include:
- Registering your business name
- Filing for legal status (LLC or corporation)
- Requesting an Employer Identification Number
- Secure Appropriate Insurance
Any business should have sufficient insurance to mitigate operational risks. In many places, it is mandated by law. That is just one of the reasons you want to secure appropriate business insurance Newark DE before you open your doors. Depending on your business’s legal structure, it may also serve as a valuable tool for reducing personal liability.
Starting a new business can seem overwhelming. It doesn’t;t have to be though. Develop a solid business plan, secure the right insurance policy to protect your assets and be sure to file any required paperwork with local, state and federal agencies to start off on the right foot.
