When starting a small business, legal advice from an attorney experienced in business law can pay major dividends. However, before you consult with a lawyer, you should have an idea of how to get your start-up off the ground. Here are some steps to take when starting a business.

How to Start a Small Business

1. Understand Your Market

Getting legal advice from an attorney isn’t the only professional insight you’ll need. During this initial phase, you’ll have to learn about the consumer need for your product and evaluate your competition. This may mean consulting financial planners and other professionals, such as those in marketing or fundraising.

2. Create a Business Plan

Once you’ve analyzed the potential success of your business, you’ll have to create a business plan. This list should include tasks from picking a business name to obtaining funding. While you can and should adjust your business plan as you move forward, you should have a basic strategy mapped out before you start.

3. Obtain Funding for Your Start-Up 

You’ll need to determine how much money is required to operate your business for the first few months. Since this includes licensing and other fees, you may need legal advice from your lawyer in this area as well. Adding those fees together with your operating costs, payroll, supplies, and marketing costs should give you a rough estimate for what you’ll need. Most entrepreneurs obtain financing from several different sources. If you have an hourly job, you can use some of your income to fund the business. You can borrow money, ask friends to invest, or seek out other investors in the business sector.

4. Put That Legal Advice to Good Use

Your next step is to apply for the licenses and insurance you’ll need to operate under business and corporate law regulations. This means choosing a business structure, such as an LLC, and a business name, so you can register your business. Apply for federal and state tax IDs for your business, so you can keep up with your taxes from the start. Also, apply for trademarks, copyrights, and other intellectual property protections, so your original creations will be legally protected.

The legal advice of an attorney experienced in business law is indispensable when starting a business. Since 1955, Stayton Law has served the business community of Williamette Valley, OR. Their staff keeps up to date with the latest changes to the laws that will affect new business owners. You can arrange a consultation to discuss your small business needs by visiting their website or by calling (503) 769-7741.