Starting a new business or becoming a business owner for the first time can be extremely confusing. A successful business owner must consider a number of complex factors, including:
- Choosing how to organize the business
- Drafting a business plan
- Obtaining insurance
- Obtaining necessary licenses and permits
- Clearing the zoning process
- Hiring and paying employees
The laws covering these issues are very different from state to state and from city to city. New business owners should definitely consult with an attorney with experience in business law.
Financing and the Business Plan
When starting a new business, you will need to finance it and set up a business plan. An experienced business law attorney can help you to take these steps. There are a large number of costs associated with any new business. You must consider one-time expenses and start-up costs, from construction and renovation to inventory to advertising costs to hire new employees. You will need to draw up a business plan and organize your business.
Contact a Iowa business organization lawyer representing clients in Waterloo, Iowa today to schedule your initial consultation.
Typically, financial institutions and other investors require a business plan before agreeing to finance a new business. Your business plan should include:
- A description of the business and its features.
- What goods or services you will sell.
- A marketing plan that indicates your customer base.
- Research showing a need for your business.
- Staffing and management plans, showing how you will organize and run your business.
- Financial plans. These should show the cost of starting, operating, and maintaining the business and indicate what profit is expected and when.
A potential new business owner must always be aware of the costs involved in starting a new business. All start-up costs and one-time expenses must be considered. The business owner will want to contact a financial institution and/or other investors in order to attain financing.