Advice When Starting a Business in Illinois

 Posted on April 16, 2021 in Business Formation

For many people, starting a business is the ultimate dream and though it may seem unattainable to some, it has been a reality for millions of Americans. According to the Small Business Administration (SBA), there were 31.7 million small businesses operating in the United States in 2020. Small businesses play an essential role in the U.S. economy, as they are responsible for employing nearly half, or around 47.1 percent of the American workforce. Starting your own business may seem daunting, especially when it comes to the legal side of things, but a business formation attorney can help guide you through the process. Here are a few things you should keep in mind when starting your business:

Make Sure You Have a Clear and Understandable Business Plan

The first step to creating any successful business is having a business plan written out. A business plan is exactly what it sounds like -- a plan for your business. A thorough business plan will contain information about the industry in which your business will operate and information about the scope of your business itself, a sales and marketing plan, how the business will be owned and managed, the way the business will operate, and basic information about the business finances.

Research the Market You Are Interested In

Before you start your business, you should do a lot of research. Writing your business plan will take a lot of research, but you should be intimately familiar with your industry if you are not familiar with it already. You should have a basic idea of what your competitors are doing, what they are selling, and how they are selling it. This can also help you develop and implement goals for your own business.

You Have Various Options to Fund Your Business

One of the biggest hurdles that you may face during the business formation process is funding. Starting a business takes a lot of money, which most people do not have readily available. Fortunately, starting a business in the U.S. allows you to draw from multiple sources when it comes to funding your business. Once you’ve determined how much you will need to get your business started, you can begin to look into your options, which may include venture capital from investors, crowdfunding, small business loans or even Small Business Administration investment programs.

Consult With a DuPage County Business Formation Lawyer to Plan For Success

Starting your own business can be one of the most rewarding things you ever do in your life. Many people who start their own businesses do so while they still have other employment, but growing your business to be able to financially support yourself and your family is the ultimate goal. At Stock, Carlson & Duff, LLC, we know how important this time is for both you and your business. Our Illinois business formation lawyers will use their knowledge and experience to help you form your business so that it can be as successful as possible. To schedule a consultation, contact our office today by calling 630-665-2500.

Sources:

https://www.investopedia.com/articles/pf/08/make-money-in-business.asp

https://www.forbes.com/sites/mikekappel/2017/07/12/10-tips-for-starting-a-small-business-that-you-havent-heard-a-thousand-times-already/?sh=5b428f226e19

https://cdn.advocacy.sba.gov/wp-content/uploads/2020/06/04144224/2020-Small-Business-Economic-Profile-US.pdf