Schlueter Ecklund & Davitt
View Our Practice Areas

Tips for new business owners

Corporate workers in Illinois who have considered leaving their job and starting their own businesses are not alone. However, before they leave a source of steady income to pursue their dreams, they should take time to carefully consider certain factors about being a startup business owner.

One of the most important steps individuals should take when they are thinking about starting their own business is to conduct thorough research. In order to make the move from an employee to a business owner as seamless as possible, they should make sure that their business is making sufficient money before they leave the safety of their job. It is also important to add as much as they can to their savings during that time.

Some people may not have the choice of taking time to save money before switching to an entrepreneur. In these cases, it is very import that they do as much research as possible before they leave their job. The research should focus on the salability of their service or product, whether the business idea is novel and whether there is a market for what they want to sell.

Background research should include learning as much as possible about the service or product that is to be sold and obtaining a clear image of the consumer. Competitors, marketing and sales strategies should also be thoroughly researched.

An attorney who provides business formation and planning services may advise clients of what is necessary to create a certain type of business startup. Assistance may be provided with creating legal entities, such as corporations or limited liability companies, under which a business may be operated. Clients might also be helped with obtaining appropriate business licenses.

No Comments

Leave a comment
Comment Information

Schlueter Ecklund & Davitt
4023 Charles Street
Rockford, IL 61108

Toll Free: 800-207-5133
Phone: 815-516-8264
Fax: 815-229-0733
Rockford Office Location