Part I. Introduction
I have been a business attorney for more than 40 years representing many small companies. The businesses ranged from brick and mortar companies, service companies, marketing companies, real estate companies to cyber and internet companies. I am often asked the question, how do I go about starting a new business.
In my view, there are ten essential elements to a possible successful and hopefully profitable business. I will address each of these elements in a series of blogs over the coming months, starting March 29th. These essential elements are generally in the following order and importance:
- I. Passion about an idea. First and foremost, you must have a great passion about an idea.
- II. Branding. You must immediately start branding of the product or service.
- III. Control. You must have full control of the enterprise at the outset so that your idea is not diluted and can be carried out as you visualize it.
- IV. Choice of business entity. There are many business forms that your new enterprise can take, however, the business form of choice is either a limited liability company or a corporation.
- V. Resources and capital. You must have enough resources and capital to get the enterprise started.
- VI. Management controls. Early on, you must consider management and financial controls so that the production of a product or providing a service can be monitored.
- VII. Sales and marketing. Sales and marketing in the information world starts out with personal contacts, personal networking and then transforms into a webpage and internet marketing.
- VIII. Trusted financial and legal advisors. The financial and legal advisors provide direction and boundaries to a business.
- IX. Profitability of the business. The business must have some prospect for near-term and long-term viability and profitability.
- X. Profiting from your business. How do you profit from your business strategy?
Over the next coming months I will be discussing these topics in separate blogs.
Lat J. Celmins