You’re sitting at your job one day and it hits you—the perfect business idea. Maybe it’s a product that everyone does not yet know they need. Maybe it’s a service that would prove wildly popular in the Houston area.
No matter the business idea, it can prove difficult for many people to act on it. Some people believe it is too complicated to start a business, while others simply keep their ideas in their heads until someone puts it into action and saturates the market. In either situation, you may have had better luck if you had consulted with a skilled business attorney who understands how to turn your idea into a startup reality.
You can take the following steps to get your startup going. Having the guidance of a knowledgeable business lawyer can help make the process easier and ensure you comply with all relevant laws.
- Do market research. Ensure that you can find a want or need for your product or service. If you want to focus on the Houston area, check out any competition and explore whether the market contains room for another similar company. If you are selling a product, perhaps you can reach a greater market by selling your product online. If you have a novel concept, perhaps question why it does not exist already. Has someone tried and failed? Ask these important questions before you get started.
- Create a business plan. If you need to seek financing for your business, you will require a thorough, complete business plan to present to a bank or potential investors. You should discuss the pros and cons of different financing options with an attorney who can help identify the best path for you based on your goals. Even if you do not need financing or have family-based financing, a basic business plan can help keep you organized and define the roles of everyone involved.
- Select a business structure. You can choose several different business structures in Texas, such as a limited liability company (LLC), sole proprietorship, partnership, and corporation, among others. Each structure confers potential benefits—and downfalls. For example, a sole proprietorship requires next to no paperwork or filings but offers no liability protections. On the other hand, a corporation can shield you from liability risks but requires complicated filings and regular reports with the Texas Secretary of State.
The above are, of course, only some preliminary steps that an entrepreneur should take to turn a startup into a reality. Working with the right lawyer who understands your business ideas and goals can prove critical to your success.
Contact a Houston Business Law Attorney Today
Attorney Andrew Weisblatt regularly helps many types of businesses around the Houston area—new or old, large or small. If you have any questions or would like to discuss your company, please contact us at (713) 352-0847 or contact us online to schedule a meeting.