Success in business is difficult. This is especially true for start-ups and new companies. Fortunately, the experienced corporate attorneys at Eskander Loshak LLP are here to help. Here are the building blocks for a successful business.
Make Sure You Do Your Homework
One of the most critical building blocks for a successful business is doing the required research ahead of time. While researching the industry you are looking to enter may seem obvious, it is sadly often neglected. According to research, 42 percent of start-up businesses fail due to the lack of a market for their products or services.
While stats like these may put off many from opening their own business, they shouldn’t. The simple fact is that doing your homework before launching a business is the absolute best thing you can do. Explore all facets of your industry: what are the key markets? What are the demographics you hope to target? How will your company exploit a gap in this market, and does this gap exist? These are all critical questions to consider and research before moving ahead with your start-up.
Have a Detailed Understanding About Funding
Start-up funding differs from funding for small businesses. If you are creating a start-up, you’ll likely require a large investment to get the process started. After all, success just isn’t possible without the financial resources to make it happen.
Before you begin a new business, it is vital to discuss all aspects of funding with an experienced corporate attorney. Whether it is angel investors, venture capitalists, or any other type of private financing, a knowledgeable and experienced start-up lawyer can not only help you raise the capital you need, but also help you make informed decisions about what are the best funding options for your company.
Choose the Right Business Structure
When deciding to start a business, choosing the right business structure is as important as funding. A business structure refers to the legal status of the company, as well as the level of risk for the partners involved.
Sole-proprietorship and partnerships, for example, are very easy to form and the founders retain complete control over the company, its assets, and its profits. Unfortunately, they also are liable for the losses and their personal assets are at risk. Corporations, on the other hand, become separate legal entities from the founders and individuals involved in the day-to-day management of the company. This means that the liability to owners is minimized, although meticulous record-keeping is essential. An LLC (limited liability corporation) offers the benefits of both sole-proprietorship and a corporation, making it a popular choice for start-ups.
An experienced corporate lawyer can work with you to discuss all facets of your business, including the best tax structure and how to minimize your exposure to financial loss or lawsuits.
Make Eskander Loshak Your Business Law Firm
Contact the business and startup attorneys at Eskander Loshak LLP today to find out how they can assist your start-up. The team at Eskander Loshak has more than 15 years’ combined experience in corporate law and can provide clients with tailored representation to help get the business results they are looking for. So, if you are looking for a business law firm as dedicated to your success as you are, call Eskander Loshak today at 954-334-1122.