Business Basics

A certain degree of motivation and talent are required for starting and managing a business – any business. But if certain mistakes are made during the start-up phase, they can be difficult or impossible to erase.

When considering opening a business, you first need to explore and evaluate your personal and business goals. Why are you opening a business? A plan is needed to help obtain your personal and business goals. While developing a plan you’ll be forced to think through important issues that otherwise may have gone unconsidered. This plan will become an invaluable tool as you set out on the adventure of business start-up.

Entrepreneurs open businesses for many reasons. Perhaps the opportunity to gain financial independence through the full utilization of your expertise acquired through an active life intrigues you. Freedom of creativity is another perk of self-management. Some types of business can be run quite successfully from your home, which is a plus for parenting and juggling the omnipresent demands found in at-home settings.

Once a plan of action has been decided upon, a choice must be made. What business would be right for you? Begin with the knowledge and skills acquired from previous work experiences or possibly hobbies or interests at which you have excelled.

After the initial start-up of your plan, it’s usually prudent to identify the niche that your business would fill. When deciding what products or services to offer, keep in mind that competition will exist no matter what your specialty area happens to be. The goal is to offer an advantage the competition doesn’t have.

Other considerations are issues such as legal coverage, insurance, how you will maintain business records, and the equipment necessary for your business to run. It’s also an excellent idea to follow the famous maxim used in the real estate industry: location, location, location. The name that you select for your business is also important. Choose something that makes sense and doesn’t rhyme with “stooges.”

Once you’ve developed a focused, well-researched plan for your business, it will serve as a blueprint for future business operations, management and capitalization. After you have completed your business plan, be sure to review it with a business attorney or else run it by someone who is knowledgeable about YOUR daily business operation. This careful attention to detail will help to ensure success.

Jack Zinda is an Austin business lawyer with Heselmeyer Zinda, PLLC. To learn more about Austin business attorney Jack Zinda visit Texasbusinessattorneys.net.