The following is provided for informational purposes only. The information below may not apply to your specific situation so always consult an attorney. Use of this information does not create an attorney-client relationship between you and the Law Office of E.C. Lewis, P.C., your Denver business attorney.
What do I need to do to start a business?
The first thing someone needs to start a business is an idea. This idea can be something new (i.e. selling a new product, opening up a new restaurant), an improvement on a current idea (i.e. selling existing products in a new way or a better way), or starting a franchise company (i.e. something like Quiznos, McDonald’s, etc).
After the idea, there are many things for a new business owner to do. Although you should do the following first, you can do them the tasks in any order you like as long as you finish this list before starting the next:
- Determine who will be part of starting and owning the business
- Find funding
- Create a business plan
- Incorporate or file the correct papers with the Colorado Secretary of State (i.e. partnership agreement)
- Find professionals to help you out such as a lawyer, an accountant, an insurance broker, and a realtor
- Get intellectual property rights if necessary
You should do the following next:
- Find a place to start your business
- Get all necessary licenses and tax information
- Hire employees or independent contractors
- Get through the first few days
As a new businessperson, you need to figure out whether you want to pursue the idea on your own or whether you want to have business partners. When deciding whether to have business partners, you will need to examine things such as how the business relationship will affect the existing relationship, whether the potential partners are supportive of opening a new business, and what qualities the potential partners will bring to the table. For instance, if you are considering a partner to bring money to form the company and you have the idea, you need to decide how much control over the business the other person will get. If you are related to the potential partners, you need to carefully consider whether going into business together may create a family riff.
The rest of this article goes over the following:
- Business Plan
- Paperwork with SOS
- Professional Team
- Intellectual Property Rights
- Determine Location
- License and Taxes
- Hire Employees
- First Day Woos