Essential Steps to Starting a Successful Small Business
In 2023, the Small Business Administration (SBA) reported a staggering 33.3 million small businesses in the United States, employing over 61.6 million individuals.
So, what are the essential steps to successfully starting a small business? Here’s a breakdown:
- Develop a robust business plan.
- Secure sufficient funding.
- Understand the target market.
- Ensure compliance with local, state, and federal regulations.
Staying informed about the latest small business statistics and trends can give entrepreneurs a competitive edge and help them make informed decisions.
Small businesses typically adopt one of the following business structures:
- Sole Proprietorship: Owned and operated by one individual, this structure is the simplest and most common for small businesses.
- Partnership: Formed when two or more individuals share ownership and responsibility for the business. Partnerships can be general or limited.
- Limited Liability Company (LLC): Combining the benefits of a corporation and a partnership, LLCs offer owners limited personal liability for the company’s debts and obligations.
- Corporation: A separate legal entity owned by shareholders, providing strong liability protection but requiring more complexity and cost to set up and maintain.
Each structure has its pros and cons, making it essential for small business owners to carefully consider which one best suits their needs. Consulting with a business attorney can help ensure they choose the right structure for their specific circumstances.
Now, what are the advantages of having an attorney help with your business startup?
Having an attorney on board offers several key advantages. They ensure compliance with regulations, reducing the risk of legal issues. They help choose the right business structure for optimal benefits and protection. Attorneys also draft and review contracts, safeguarding interests in agreements, and provide guidance on intellectual property protection. Ultimately, their expertise saves time, prevents costly mistakes, and provides peace of mind as you launch your business.
Planning to start your own business? Call MontanaroLaw for expert assistance! Dial (516) 203-1700 now.
