Caufield & James, L.L.P Caufield & James, L.L.P

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Starting a business successfully

Many California entrepreneurs want to start their own businesses. Before they leave their stable jobs and regular income, however, there are some preparatory steps they can take.

Instead of immediately quitting their job, an entrepreneur can begin operating their business on the side. They will be able to gain valuable entrepreneurial experience while still enjoying the benefits of their day job. Operating their business as a side hustle also affords them the opportunity to evaluate how the business will perform before they place all of their resources into the venture.

Another important concern to address before starting a business is finances. Depleting one's savings can make it difficult to have a successful business. It is important that prospective entrepreneurs think practically, develop a sound financial plan and set aside enough money in their savings. They should keep in mind that they'll still have to pay their personal bills and buy food and other necessities.

A well-developed business plan is also needed. This plan should explain the service and purpose of the business. There should also be details regarding the current state of the business, competitors, how much money the business is expected to earn and whether seeking financing from investors will be necessary. While the business plan is being drafted, one should register for trademarks, create the legal entity under which the business will operate and file any necessary business licenses.

An attorney who provides business formation and planning services may help a client file the necessary forms to create a legal business entity. There are various licenses and permits that should be filed in order to be in compliance with local laws.

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