Starting a Business?
Ms. Crain guides new businesses towards a path of success. With an undergraduate degree in Marketing, Ms. Crain understands how important every decision is when taking that step of faith and starting your own business. From choosing a business entity to creating a legally sound employment manual, Ms. Crain can help you. Whether you are a sophisticated business investor or a first time business owner, Ms. Crain provides practical advice in corporate, tax, employment and regulatory issues. Contact Ms. Crain to ensure your new business venture begins with a solid foundation.
The Steps to Success
Starting a new business is exciting, but there are many decisions to make. Ms. Crain serves her business clients by guiding them in those decisions, including:
- How do I choose the right business name?
- What are my options for financing?
- How do I set up a business plan?
- Which type of business entity fits my goals?
- What are the licensing and permit issues that I need to consider?
- What should I consider when hiring and paying employees?
- Should I obtain insurance for my business?
Choosing the Right Business Name
Typically, a business owner has an idea of what they would like to call their business. Name availability can be determined by contacting the appropriate state or county office, typically through the secretary of state. The business owner should also confirm that the name is not a trademark belonging to another party. Additionally, Ms. Crain works with the new business to ensure that the name they choose is a name that distinguishes them from their competitors. For example, if a potential business chooses a name that is reasonably similar to 500 other entities also open for business, Ms. Crain advises her client so they can determine if they want to proceed with that name or help them create a name that is unique to their business.
Business Organization Forms
The potential business owner should be aware of the main business organization forms, their characteristics and the laws that govern them.
Financing and the Business Plan
In today’s market, many individuals are considering starting their own business. Ms. Crain guides her clients towards innovative solutions for financing. This includes things like rolling over investment funds into the business. Ms. Crain guides her clients so that tax consequences are limited. Further, the new business owner may want to obtain capital from investors or a financial institution. A business plan is usually required, and includes the following:
- What kind of service or product the business will provide
- Research that shows demand for the service/product
Licensing and Permits
In setting up and running a new business, licenses and permits are typically required. Texas has an excellent online directory of information at www.texasonline.com. This is an A-Z directory of licenses, permits and registrations by name or type.
Employees
Hiring employees can be one of the biggest challenges for new businesses. Ms. Crain recommends that a good employee manual is established from day one of the business to protect the business and the employees. State and federal law govern the actions of business owners and managers not only in the hiring process, but also governs their actions in the control and supervision of those employees. The business owner should be aware of the relevant legal standards during the hiring process to avoid discrimination, observe privacy rights, and avoid hiring illegal immigrants. Additionally, employers need to make sure they observe all other state and federal laws.
Insurance for the New Business and Its Employees
Insurance is important to protect the assets of the company. In choosing the right policy, business owners need to analyze potential risk. In certain instances, insurance can be mandatory. Insurance for a business may include:
- Commercial policy
- Property insurance
- General liability insurance
- Malpractice or professional liability insurance
