Questions to Ask Yourself Before Starting a Business

Wheaton business lawyerDo you work hard every day so that the owner of your company or its shareholders can make a few extra dollars? Would you not be happier if your hard work allowed more money to find its way into your pocket instead—and not just because you got paid for overtime? Nearly every person who has ever had a job has given at least some thought to owning a business someday, but only a select few ever take action on those thoughts and dreams.

If you have been thinking about starting a business, there are many things to consider. Some of them are more abstract in nature while others are more concrete and logistical. For example, you should be asking yourself:

What Would My Business Do?

It is impossible to own a business without something to sell. Some businesses sell products they make themselves. Some sell products that other companies make. Some businesses sell services like accounting and tax preparation instead of products. Once you decide what you want to sell, you will need to figure out what will make your customers choose your business. This will require research to determine what needs exist in the areas you wish to serve. If your idea is much like many other businesses that already operate in a particular area, you might want to reconsider your idea—or at least your intended location.

Are You Up to It?

Working for someone else is nothing like working for yourself, especially in the early years of your new venture. Nearly all small business owners spend the first few years working long days serving customers during business hours, then managing paperwork, compliance, and other details late into the night. If something were to go wrong, you are the one that would need to address it. Do you have the skills necessary to run your own company?

What About the Intangibles?

Running a business takes passion and determination in addition to skills and ability. If you continued to work for another person, you could essentially quit at any time and start looking for a new job. While your immediate situation might suffer, you always have that option. When you open your own business, you will not have the same luxury of such freedom to decide to pursue something else. Your team, your clients, and most likely, your creditors are counting you to be open for business.

You might have all of the necessary knowledge and skill, but your commitment is a vital part of the equation. Your business has no chance unless you dedicate yourself completely to its success. This means that if you are uncertain about opening a business, you might want to wait until you are certain.

A Wheaton Business Lawyer Can Help

As you go through the decision-making process, a qualified legal professional can provide trusted guidance and helpful advice. Contact an experienced DuPage County business law attorney for a confidential consultation by calling 630-665-2500 today.

Sources:

https://www.sba.gov/starting-business/how-start-business/20-questions-starting

https://www.thebalance.com/thinking-of-starting-a-small-business-2947258

Establishing a Business in Illinois – What Entrepreneurs and Small Business Owners Need to Know

Wheaton small business attorneysFew things in life are as satisfying as running your own company and being your own boss, but such a privilege requires a lot of hard work and dedication. There are also multiple steps – some strategic, some legal – to starting your own company. Learn more about establishing a business in Illinois, discover what resources are available to you, and obtain detailed information on how a seasoned business law attorney can ease the process and help to ensure your business is protected in the years to come. 

Preparing for Business – The Initial Steps

Ideally, business owners would start preparing for business long before they plan to open their doors. They would have a complete a market analysis and have an in-depth business plan, and they would have already started to engage with people on social media to ensure they have a solid customer base before opening their doors for business.The world is not perfect, however, and sometimes business owners jump in, head-first, without really knowing what it takes to be successful in today’s digital world.

Thankfully, even if this occurs, there are ways to recover. There are also numerous resources at the business owner’s disposal, such as the Small Business Association (SBA), which offers detailed information on how to create a business plan. Entrepreneurs can also outsource some of the work, like social media engagement and website creation, to ensure they have more time to focus on other tasks, such as:

  • Conducting a market analysis;
  • Choosing and protecting your business name;
  • Developing a marketing plan;
  • Finding financing for your business;
  • Opening a bank account;
  • Hiring your first employees (if applicable);
  • Choosing a location for your business; and
  • Speaking with an attorney to ensure all the legalities of opening a business are covered.

The Legal Aspects of Opening a Business 

In addition to ensuring that your business has a solid customer base, creating a marketing plan, and setting up the company’s financials, business owners must comply with state and federal laws, including those relating to taxes and employment. These laws require that entrepreneurs: 

  • Decide on and create a business entity;
  • Register the business name;
  • Obtain a federal employment identification number, or EIN, (if applicable);
  • Register for local and state taxes;
  • Obtain any required business licenses or permits; and
  • Ensuring you meet all state and federal employment laws (if applicable).

Many of these aspects of opening a business contain multiple steps and complex processes. To reduce the chances of a mistake or missed element, business owners can seek the aid of a seasoned and competent business law attorney. 

Contact Our Wheaton Small Business Lawyers

As a small business ourselves, Stock, Carlson, Oldfield & McGrath, LLC understands the challenges and obstacles that entrepreneurs face when opening their own businesses. We aid in all ways possible, and we can even help protect your business from litigation and other legal issues in the future. Schedule a personalized consultation with our DuPage County small business attorneys to get started. Call 630-665-2500 today. 

Sources:

https://www.sba.gov/business-guide/

https://www2.illinois.gov/business/registration-licenses-permits

 

University Says Illinois' Economy is Experiencing Slow and Stable Growth

Illinois business law attorneysIt has taken the country years to recover from the 19-month recession of 2007, and in some states – like Illinois – the recovery has been slow to the point of painstaking. There have been gains, however. In fact, the University of Illinois recently released its annual index, which showed that Illinois is currently experiencing slow but stable growth. That makes now the perfect time to start your new business. Learn more about what to expect in the future regarding potential business growth, and discover how a seasoned business law attorney can help you make a successful start.

Standing Strong Against Potential Threats 

The development of bitcoin and some other potential threats to the economy (artificial intelligence, vehicle automation, trade wars, etc.) may be impacting the current market in negative ways, but the economy remains strong, regardless. The University's index, which measures the financial market, made e a slight dip in March, going from 104.6 to 104.5, but it has continued to remain in the 104 to 105 point range. The University says that anything above 100 indicates economic growth. The last time it fell below 100 was in February 2012.

Why Start Your Business Now?

While the economy should never deter you from pursuing a business venture, there are legitimate reasons why you may not want to open your doors in a volatile or downward market. In fact, some potential business owners have put off their business ventures because they simply did not have the will or ability to assume much risk. Thankfully, it appears that now could be the perfect time to move forward – and not just because the market is growing and stable. The new tax plan is expected to "restart" some of the commercial development cycles, and that could lead to more growth and stability for business owners in other markets.

Opening Your Business – Making the Initial Step

While you do not need an attorney to start a business, many entrepreneurs find that the assistance of a legal professional helps to ease much of the process. They can help you with everything from deciding the structure of your business to ensuring you obtain all the licensing and permits that are necessary for daily operations. An attorney can also advise you on how to protect your business from litigation, and they can represent you if an issue should arise.

At Stock, Carlson, Oldfield & McGrath, LLC, we are committed to helping you achieve success. Backed by more than 40 years of legal experience, our DuPage County business law attorneys offer personalized, comprehensive services to suit your needs. Schedule your personalized consultation to get started. Call 630-665-2500 today.

Source:

http://qconline.com/business/illinois-economy-in-slow-stable-growth/article_9b7c37ce-f035-5d79-b1d9-a4082e8901ac.html