Starting a new business is exciting, but it can quickly become an expensive undertaking, there are so many elements that need to be included and acknowledged in order to know how to be a successful startup company. Regardless of the type of entity you choose, there are steps and costs you need to plan for. Navigating all these complex processes on your own can lead to wasted time, energy, and money. You need to strategically allocate your start up’s resource and determine which steps you can manage yourself and which require a professional.
Steps to Consider When Forming Your Own Business
Starting your own business involves ample planning and research. The following are common steps to establish a successful and legally compliant business.
- Perform market research
Know your target market’s needs and problems to strengthen your position. Identify potential threats and opportunities to ensure your business stays ahead of the competition.
- Write your business plan
A good business plan lists the specific steps necessary to achieve short-term and long-term goals. It lays out a written road map for all aspects of the business, from marketing to finance and operations.
- Fund your business
Determine how much capital you’ll need and concrete ways to secure funding. You can explore crowdfunding, partner with investors, or get a loan to achieve the needed amount. This step often requires legal documents if you are dealing with investors or securing a loan. When working with outside investors it is important to have your investor documents in order. Learn more about your options for investor documents here Business Startup Lawyers in Seattle.
- Pick a strategic location
Your business location plays a key role in attracting and retaining customers, partners, and employees. Whether you’re launching an online shop or brick-and-mortar store, the choices you make could impact your income, taxes, and legal requirements. Factoring in rent and other facility costs is important for your initial budget.
- Choose a business structure
Depending on your ownership, where you see your business down the road, and funding plans, the legal structure you choose has an important role to play. By partnering with an attorney from the beginning, you will be able to better understand what type of entity works best for your business plan. Choosing the correct legal structure from the beginning will help you save money later down the road. Additionally, consider choosing a pricing structure for your business’ products or services too. For example, businesses need to decide whether they want customers to pay once for the product, or whether they would prefer repeat customers by introducing a subscription revenue model. Try and find out which would work best for your company.
- Apply for licenses and permits
Non-compliance with licenses, permits, and tax registrations may lead to costly penalties and business downtime. Requirements and fees will depend on your state, industry, location, and other factors.
- Choose a business name
Your company name gives identity to your business. It’s instrumental in building brand recognition and customer loyalty. A strong business name signifies your company values and/or describes your products or services.
- Protect your Intellectual Property and Branding
Proper registration protects your brand from legal issues with the government and competitors. It builds trust among suppliers and customers and secures your business name from being used by other firms. To learn more about ways to protect your IP, check out
Flat Rate Services For Your Budget
While the above list is not exhaustive, you can begin to see that a startup can require a significant budget even before you begin operating. Entrepreneurs want to be able to forecast their expenses and often shy away from open ended costs, such as attorneys’ fees. However, with Apex’s flat rate formations, entrepreneurs can rest assured that their business will be set up correctly for a known cost.
Our flat rate fees can help you avoid early legal missteps and ensure your startup budgets are invested wisely.
With our flat rate entity formations, entrepreneurs can allot more of their initial working capital to expanding their business.
Our business lawyers provide the following flat fees:
- Washington Corporation formation
- Washington Social Purpose Corporation formation
- Delaware Corporation formation
- Washington LLC formation
- Washington Nonprofit Corporation formation
- Annual Registered Agent Services
By taking advantage of our flat fee payment structure, startup owners gain better control of their budget and avoid costly legal mistakes. Our startup lawyers will file all the paperwork and obtain the necessary licenses for you, so you can focus on running your business.
Call us at (206) 448-7000 to schedule a free consultation.