Welcome back. Our Raleigh small business lawyer here to continue discussing what it takes to form a business in 2019. Choosing to own your own business is exciting and overwhelming. There are many things to plan, organize, and accomplish. Once you’ve got your business model set, our lawyers can help you with incorporation and more.
Today, we are going to continue this blog series by offering you a few tips on how to create a business model. Doing so will help you plan and develop your business idea in a way that helps you keep things straightforward and on task.
Creating a Business Model
What Will You Sell? As a business, you’ll need to offer customers a service or a product. Whichever one you choose, you’ll need to make sure your product or service is needed in and around your community. In addition, will your product or service be something that competes with others in the market? Is it a better option than what is being currently offered? Time and research will help you determine what you will offer your customers in terms of products or services.
Who Are Your Customers? Once you’ve determined what you’ll offer customers, it’s important to consider what type of customers you will target. Then, consider how you’ll meet the needs of these customers and how much they’ll pay for your products or services.
How Will You Advertise? Marketing today is far different than it used to be. Often, businesses would rely on word of mouth or printed ads in newspapers for their advertisements. Now, radio ads, digital marketing, and online reviews are popular and work well to get the word out about businesses. Be sure to consider each of these platforms and how you’ll use them to advertise your product or services. Also, take time to think about how many customers you would like to reach and sell to in the first year. Then, consider the next two years.
What Is Needed for Success? Will you be able to grow and develop your business on your own? Will you need to network, form partnerships with other businesses, or hire employees to help you reach your goals? In addition, what does your company need to work towards success? How will you measure performance?
What Are Startup Costs? Every business has startup costs. Whether they’ll be affordable or need to be paid for through financing depends on the type of business you’ll open. Consider things like cost of structure and initial needs for startup, including purchases for equipment, employees, and utility bills.
Once you’ve established your business model, you're able to move on into incorporation. However, it’s never a good idea to stop planning and developing. You’re going to have a lot of work to do before the doors of your company open. Thankfully, our small business lawyers are here to walk with you through forming your legal business entity and beyond. Head over to our next blog to learn more about forming your business in 2019!
Klish and Eldreth, PLLC | Raleigh Small Business Lawyer
Are you starting a small business? Get legal support from our Raleigh small business lawyer at Klish and Eldreth. We can help you get your business off to a strong start by ensuring that your legal needs are met. We're committed to your success and will do everything within our power to protect your company. In addition to business, consumer and contract laws, we can also handle intellectual property matters such as trademarking and copyrighting. Call now to schedule an appointment.
As always, feel free to contact us with any questions or concerns you may have about estate planning. Also, contact us to schedule a consultation if you have yet to start estate planning. It's never too early to make plans for your wishes upon death. In addition, our lawyer is here to help you with all your legal matters, whether it be entertainment law, trademarking, copyrighting, or DWI issues.