How to Plan for Success When Starting a Business

Thinking of starting a business? According to the Kauffman Index of Entrepreneurial Activity, approximately 310 of every 100,000 U.S. adults started a business in 2015. The Index found that over 530,000 new business owners started a new enterprise each month in 2015 – but how many will succeed?

Of course, in business – as in life – there are no guarantees. In fact,Forbes has reported that nine out of 10 startups will fail, a very sobering statistic. And while there is no way to eliminate every risk associated with starting a business venture, you can improve your chances of success by careful advance planning and getting good advice from professionals who help people start new businesses every day.

Studies have shown that entrepreneurs who engage in business planning early in the company development process are much more likely to create a successful venture. While having a carefully researched and well thought out business plan is essential, careful business planning can also mean seeking the advice of an experienced business attorney for the development of:

• Articles of Incorporation
• Bylaws
• Partnership Agreements
• Operating Agreements

If you are thinking of starting a business, one of your first steps should be to seek legal advice about the structure of your business – sole proprietorship, partnership, corporation or LLC (Limited Liability Company) – including the tax implications for different ownership structures, protecting your personal assets from business liabilities and more.

As you embark on your entrepreneurial path, you will also find that the guidance of an experienced business attorney will prove invaluable. You will need advice on business formation, intellectual property issues, creating legal contracts and agreements, and much more. An attorney experienced in business law can also help you foresee potential problems and provide effective solutions before they adversely affect your business, so don’t put off investing in this indispensable resource.