If you want to start a business, then you need to do some planning. Owning a business is risky now days, with the economy the way it is. But if you lay a solid foundation from the beginning, you can minimize risk and increase your chances of success.
One of the first things to think about, after defining the intent of your business service or product, is who can best help you. Professionals, such as an experienced attorney, insurance agent, and CPA, should be sought from the start. They can help you establish your business in a credible way for long term survival.
Liability Issues Important
Surviving may mean proper protection from personal liability. How your business is organized can protect you and your family. Incorporating or establishing a limited liability company (LLC) makes the most sense for most businesses. Ask your attorney lots of questions so you will fully understand why and how best to operate your business from a legal point of view. Your attorney can explain how to limit exposure to business liability.
Yes, hiring professionals at the beginning is costly. But if you scrimp on these kinds of start-up expenses, you may likely be sorry down the road.
Unsworth LaPlante, PLLC in Vermont understands Business Planning. We stand ready to help you as a business owner.