Additional Business Startup Focus 

Why Does Your New Business Need A Trademark? 

Trademarks and service marks are your calling card. Unless you register your trademark, it can be challenging to maintain and enforce your company's right to the exclusive use of its brand names. Suppose you wish to protect and enforce your company's rights to the exclusive use of its brand names. In that case, you need to register the trademark with the United States Patent and Trademark Office (USPTO) by filing a trademark application. Our trademark attorneys assist clients with filing, registering, and protecting trademarks . 

8 Steps To Starting Your Own Business

There are many steps to consider before starting your business. Listed below are some of the primary considerations as you start your business venture towards successful small business ownership:

1. Do Your Homework: Not only is it important to know what you want to do, but it is also equally important to know how many others out there are doing the same thing. Is it a crowded market, or are there few market players? Are the barriers to entry low or high? And is your business idea grounded in reality with the potential to succeed? Is your idea patentable, and do you need to secure a patent registration before offering anything for sale? You will need to do your homework and due diligence before you go any further. Ultimately, knowing how your business will fit into the market is essential to a successful new business launch.

2. Make a Plan: Prepare a written document describing your business idea, your customers, your competitors, your marketing strategy, your financial strategy, and projected profit and losses for at least a five-year term. This "business plan" is the cornerstone that will guide your business from the startup phase through each phase of business growth. Business plans will differ depending on whether you need financial support from a bank or another third party. If you are self-funded, you may be less concerned about a projected profit and loss but instead focused on the journey of this new business. Always remember you must have some plan to guide your direction.

3. Show Me The Money: While you could start a business with loans, it is best to have saved up at least a year's worth of necessary income before starting a business. You will need initial seed capital to rent space, secure licenses and permits, acquire assets such as computers, pay utilities such as phone and internet, and perform initial marketing efforts. It would be best if you put together a spreadsheet that estimates all financial expenses from business startup through the first full year of operation. It is important not to forget to include a salary for yourself as you will need money to live on.

4. Select Your Business Structure: Entity type will vary depending on whether it is a sole proprietorship, partnership, or an aggregation of several members. Your small business can be a sole proprietorship if it is just you alone, a partnership if you are two or more, or a limited liability company (LLC) or a corporation if you wish to have multiple members or shareholders. An LLC has benefits over the other entities in that it is easier to add and remove members as there is no stock issuance and each party has signed a member operating agreement.  It is always recommended to consult with a tax accountant or CPA before choosing a business structure, as each structure may have different tax implications.

5. Selecting Your Brand Identifications: Your selection of a brand identity is critical to market recognition and how the public will perceive your image. You must decide if your corporate name will be your brand or if your brand will be products or services sold under that corporate name. It is important to make your name clear, not capable of being easily confused with another company, and preferably easy to spell and remember. A bonus is always to have your company name the same as your domain name on the internet. The implications of a bad corporate name cannot be understated, and you should always do a trademark search before settling on your final name. You do not want to be infringing on a third party's trademark as you start your business. 

6. Selecting Your Business Location: Before selecting a location, ask yourself if public exposure and ease of access are important for your business. For example, opening a hair salon in a high-rise building may not make sense if you must rely on foot traffic and visibility of passersby to grow your business; however, if you are an internet data warehousing company, visibility might not matter. You will also need to be sure that the internet, phone, and other utility services are able to be connected to your business space. Lastly, always check zoning laws to ensure you can operate your business out of that location. 

7. Permits, People, and Promotion: After you have your business location, you can secure permits and begin interviewing new employees. It is recommended that you create an employee handbook consistent with your area's of law and your corporate culture. A good employee handbook will solve many future disagreements you may have with employees. Lastly, once you are ready, start promoting to best maximize your business and implement your marketing plan. It is important to promote to the right people and market as not all advertisement mediums may reach your intended audience. 

8. Get To Work!: If you have successfully planned your work and worked your plan, your business should survive the first year and, if it can go five years, your business will become what is known as a "going concern" in accountant-speak. As a "going concern," your business now functions without the threat of liquidation for the foreseeable future, which is usually regarded as at least the next 12 months or specified accounting period. This simply means you have the money to keep going, which is a good thing!