In Louisiana, a successful future for a business start up can depend on the appropriate foundation established early on. Following the formation of the great business idea is the business formation and different aspects of forming a company. Many people dream of the flexibility of being their own boss which is certainly a benefit of starting your own business but also requires the new business owner to wear many hats. Before entering the market, it may also be useful to research the market to correctly identify the problem the business is solving and the customer for the product of service.
Part of wearing many hats can be seeking appropriate and reliable advice. Early on, especially when seeking financing, it can be important to develop a business plan to guide the new business and business owner. A business plan can also be of importance to investors. The business plan can contain all of the research the new business owner has done about the market and a description of the product, costs and marketing plan. There will undoubtedly be important considerations along the way such as how to finance the business and if the business will rely on bank loans, loans from friends and family or other methods to finance the business and a business plan can help.
It is also important to have necessary operating licenses in place and to set up the formal legal structure for the business. Business licenses or permits may be required on a federal, state and local level to run the business. Many experts recommend carefully considering the legal structure and business formation step in the business start-up process and its consequences. Should the business be a limited liability company, limited partnership or corporation? It is important to understand the impacts of these decisions and why one might be chosen over another.
It may seem like there is an overwhelming number of questions a start-up company is faced with. There are indeed many important steps to complete but the business owner is able to identify the best answers to place the start-up company on the path to success.
Source: Bozeman Daily Chronicle, "Ready, set, research: a guideline to starting a business," Jason Bacaj, June 29, 2014