Creation of a successful business entity requires more than a good idea and hard work. It requires a well thought out "Business Plan" which sets forth:
- What products or services you are going to sell or provide
- Who your immediate and long term customers are
- How you are going to convince those customers to buy from you or use your services
- How many employees you will need at various stages of the growth of the business and what it will cost to get and keep good employees
- Where your business' operations will be located
- How much working capital you will need to pay the bills and take home enough to cover the expenses on the personal side of your life
- How much borrowing will the business need
At a minimum, you should have 3 years of detailed monthly income and expense projections, which are later compared to actual income and expenses as they occur.
The United States Small Business Administration has an excellent web site for anyone thinking about starting a small business. The address is www.sba.gov. Click on "Starting Your Business". For a thorough discussion on "Business Plans", click on "Business Plans".
Brookings Area Business Creation Lawyer: LLC, LLP and Other Small Business Entities
The process of developing a "Business Plan" often involves the assistance of an attorney, an accountant, a real estate broker, a marketing or advertising specialist, and an insurance advisor.
I am Charlie Dorothy, and experienced business formation lawyer in Sioux Falls, South Dakota. With more than 35 years of experience, I have assisted clients in all matters of business creation from choosing an entity to developing an employee manual and HR policies. To discuss how I can help you with starting a business, e-mail my law office or call 605-610-3496.