Perform These Reality Checks Before Starting a Business

Perform These Reality Checks Before Starting a Business

Before starting a business, you should realize that there can be quite some distance between a great idea and a great company. As part of your due diligence, perform these reality checks before you spend your savings on starting a business:

1. Are you ready for the entrepreneurial lifestyle? Entrepreneurship is not a get-rich-quick scheme. It takes real dedication and hard work to make a go of a new idea.
2. Are there customers with money who need what you’re selling? People may like a lot of things, but will usually only pay for what they need, either emotionally or physically.
3. Is the market opportunity large with potential for growth? Don’t just go with your gut; get market analysis data from an unbiased source.
4. Is the market already crowded? Perform a simple Google search to gauge your competition.
5. Does your product or service have hidden costs or hurdles? Be sure you understand the costs, sales channels, marketing requirements and any cultural issues that could turn out to be insurmountable hurdles.
6. Is there intellectual property to protect? Be sure you search the U.S. Patent and Trademark Office website for patents on your product that may have already been submitted but have not yet reached the market. Talk to a business attorney about protecting your own IP and ensuring you don’t infringe on others.
7. Can you build a great team? It’s hard to launch a new business by yourself. Can you find the right people to build your company with you? Do you even want employees?
8. Have you taken a realistic look at the costs? Many entrepreneurs make the mistake of wearing rose-colored glasses when making projections for their sales and revenues.
9. Do you have staying power? Many startups fail simply because they give up.
10. Is entrepreneurship an escape? Many people pursue entrepreneurship as a way to escape a boring job, only to find it more stressful than they can handle.

How a Business Attorney Can Help

A business attorney can provide a true value to entrepreneurs in many ways, including protecting you legally throughout the startup phase of your company. Here are a few more things a business attorney can do for you:

• Give advice on the different business structures available, and help you determine the most appropriate structure to help you meet your goals.
• Help you find the right financing vehicle for the business.
• Draft and/or negotiate necessary partnership, employment and customer agreements.
• Conduct a comprehensive review of the commercial property lease.
• Explain the key terms of all documentation in plain language.
• Protect your brand and other intellectual property.
• Manage regulatory matters so you remain in compliance.

Business owners seeking to protect their business interests should seek a qualified, competent advisor for assistance. Contact one of the experienced Florida business attorneys at Jurado & Farshchian, P.L., at (305) 921-0440, or email us at info@jflawfirm.com. We offer free consultations to business owners seeking to find the right attorney to meet their business’ legal needs.

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