Have you ever considered or are you considering starting your own business? The process can be daunting, tumultuous and confusing… However, if done right, starting your own business can be simple, efficient, exciting- as well as lucrative & fulfilling!
Tiffany Ballenger Floyd, a Nevada attorney who works with new & experienced business owners offers this advice: “One of the most common mistakes I see new entrepreneurs make is failing to first create a business plan… you wouldn’t build a house without a blueprint, and the same is true of your business! It doesn’t matter if you’re starting a lemonade stand or a multinational corporation- no matter the size of your company, a business plan will help keep you focused & on track.”
To get you started, we’ve outlined some major items to consider before diving in…
Step 1: Look at the Big Picture!
What do you envision when you think of your business? How do you want to present your products and/or services? Are you looking to turn a side-hustle into a full-time business? While it’s obviously important to figure out the intricate details, the first step should deciding on the overall tone & impression you’re striving for- your “brand”.
It’s likely that if you are reading this, you already know what kind of business you want to start- but what are the potential roadblocks?
- Who is your competition?
- What do you like about your competitors?
- What do you want to do differently?
- What will set YOUR business apart from the pack?
- What’s your target market/audience?
- How do you reach them?
- How will you communicate your “brand” to potential customers/clients?
- Can you carve out a specific niche?
- Can you expand upon that niche? Are there other audiences you haven’t considered?
Delving deeper into these issues will make you a more effective business owner and will help to mitigate problems that can easily be avoided with initial research.
Step 2: Make sure your “Brand” is YOURS… Intellectual Property!
Once you’ve chosen your ideal business name & branding, you must make sure your name is available- the first step is online research (trademarks, business names, web domains already in use), but go beyond Google!
United States Patent and Trademark Office’s (USPTO) Trademark Database
This database allows you to search for any existing marks are similar to yours (used on related products/services). You can search for patents as well as trademarked words & images. If you suspect a conflict, you need to proceed with caution- check the status to see if the application or registration is still “live” (“Dead” marks can’t be used to block a new application). You can always consult a trademark/intellectual property attorney if you have questions, or to help you with the trademark process
The last thing you want is to set up a business only to find out that someone else has the same name or a trademark and you’re infringing- this is a common (& very costly) mistake that can be easily avoided with careful planning.