For those of you interested in starting up your own business, be it a print shop or a company that designs supplies, you should take a look at all the other business ventures out there to see if there's anything that interests you. Investing in new business ventures saves you the time of going through the motions to see if your business idea has a market and going with an idea that's already in motion. Taking a look at all the other new business ventures out there also gives you an indication if there are other people who have the same business idea as you. You don't want to think that your idea to open a service company is unique only to find out that there are two other businesses with the same idea as you.
Your new business is going to require you to put in your own money as start-up capital or to find investors willing to back your business venture. That can be a lot of pressure so you need to make sure that you are up to the challenge. If you find that there might be too many competing operations out there then it might be in your best interests to quit before you get too ahead of yourself. Scouring the new business ventures out there while you're in the idea stage also allows you to try and hook up with one of the other business ventures getting ready to start up.
If you've looked at the business ventures in your market and have decided to move forward with your plan then you need to start focusing on creating a formal and effective business plan. Your business plan will be seen as the future mission statement of your business venture and should include things like identifying sources of business capital, how you would increase profitability, where you hopefully see your business in five years and steps taken if your business venture fails.
It is at this early stage of launching a new business that you might want to do some research on trademarks. The law firm of Scarfone Hawkins advises that protecting your intellectual property is most effective when you stake your claim promptly, and begin the process of documenting your ownership as early (and completely) as possible.
New business ventures can fail for a variety of reasons such as bad location, poor execution, being ill prepared for the volume of new business, underestimating competition, expanding too soon or taking on too many business costs. You want to minimize that from happening and be prepared in case it does. Having a plan and looking to see what other business ventures did to survive will help your firm succeed. As long as you have good business sense you shouldn't have to worry about failing but you should still be aware that it's an option and not all new business ventures succeed.
Our thanks to Danielle Iampietro of Scarfone Hawkins LLP for the advice.