5 Factors to Consider Before Starting a Business

So today is the day…

You have your business plan. Potential clients and customers are asking about your services, and your products. Is there some hesitation as you get ready to send the email? Are you sure you should start this business venture? How are you going to make money? What will you do if this fails? Do you know all your legal rights when it comes to your intellectual property, like trademarks, patents, and copyrights? If this is you, then maybe these five tips can help encourage you to take the next step at getting your business off the ground.

Don’t Let Fear of Failure Stop You

The fear of failing at something new has stopped many potential business owners dead in their tracks from trying something new. It is that feeling of the unknown that paralyzes you and keeps you stuck in the same rut. Is starting a business and managing your time the answer? We believe that if you plan and approach things cautiously then anything is possible.

“Start your business as a test project first and determine the amount of time and energy you will need to invest to be successful.”

We would suggest starting your business as a test project first. Test out your business model and see how much time and energy it takes to find clients or build a customer base. Start small if needed and see if it is sustainable.

For example, if you have an idea of opening a barbecue restaurant start with catering a few events from home or try running a food truck on the weekends. With a little creativity and innovative thinking, you can get your business up and running and reduce any fears of losing a regular paycheck.

Listen, Learn, and Grow

Is your business going to work in your area? Are people telling you that you’re crazy to quit a job and start a business like this? What about money? How are you going to take care of your family and put food on the table?

These are valid questions and something you should consider before making any decisions. The best advice we have is to learn and absorb as much as you can before you get started. Do you have any friends or family working at a company similar to the business you are starting? How is your social media presence or LinkedIn network? Do you have all the skills needed to start this business by yourself online?

“Learn and absorb as much as you can before you get started.”

Networking and knowledge are two integral parts of building a business and brand. There are many opinions out there and new businesses are popping up every day. Find someone who is not in direct competition to learn from, or even better, start looking into what rival brands are out there. Build a model after things they have done that were successful and learn from any of their failures or missteps so you can avoid making a similar mistake.

Build and Protect Your Brand

Building your brand involves creating a name and logo, choosing a domain name for your website, developing content along with a marketing strategy, and setting up social media platforms.  Once you have decided on a name think about registering your trademark with the U.S. Patent and Trademark office. This would be a great time to meet with us to talk about ways we can help you protect and develop your new business. Foundations are critical for the structure of a building and you will find that a solid foundation is critical in the success of your business as well.

Here at Stockwell & Smedley we provide legal advice to clients in all aspects of intellectual property and related business matters. If you are looking for information about trademarks, copyrights, and patents or think you might have the next great idea for a franchise, we would love to meet with you.

“A large percentage of small businesses fail within the first five years because they tried to grow too fast, too soon. Don’t be another statistic.”

Intellectual property laws were designed to protect the owners so that they can reap the full benefits of their ideas. If you have a unique idea consider talking with us about intellectual property matters and protecting your new business venture.

Be Patient

What do the most successful companies have in common? They all started somewhere. They weren’t successful right out of the gate and it took years to build their brand and customer base.

Starting small and taking the time to learn your industry and what your customers want is a marathon, not a sprint—be patient. A large percentage of small businesses fail within the first five years because they tried to grow too fast, too soon. Don’t be another statistic. It will save you time and money. 

Accounting, Bookkeeping, and Taxes

Our best advice is if you don’t know much about corporate organization, accounting, bookkeeping, or taxes you will want to find some professional help in these areas. On average many small businesses spend about $1,000 a year for these types of professional services. It is money well spent to avoid any issues or problems you weren’t aware of.

If you are savvy in these areas then maybe you should consider another business venture because these are some of the most sought-after professionals for small business owners and it could be pretty lucrative in the coming years.

“We provide legal advice to clients in all aspects of intellectual property and related business matters and would love to meet with you.”

Stockwell & Smedley represents clients from all over the United States, Europe, and Asia. We offer legal advice to clients in a variety of intellectual property matters including Trademarks, Patents, Copyrights, & Franchises.

At Stockwell & Smedley, you can expect assistance from skilled attorneys in all aspects of intellectual property to include: the appropriateness of their choice, clearance searches for conflicting trademarks, licensing and agreements, properly filing documents & applications, and maintenance of patents, trademarks, and copyrights.

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