Basics to Be Aware of Before Starting Your Own Business

Posted on: 10 December 2018

Once the entrepreneurial bug has bit you, you may be exhilarated at the thought of starting your own business. And if you have a product or a service that is game-changing, you may be thinking that all you need to do is put your business out there and start making money. The reality, however, is much different. There are some tenets you should be aware of if your business is to have a chance at success. Furthermore, you will also quickly realise you need the services of a business lawyer who can guide you through the process. Before you start your business, here are a few of the things that you should know.

What is your business' structure?

The first step to starting your own business is determining the structure that you want. For example, you could choose to be a sole proprietor, have a partnership or even employ the use of a unit trust. But before you determine the structure, there are a few factors to bear in mind. A few of the things that can dictate the structure of your business include the taxes you will be exposed to, the projected revenue stream and the size of your business. Also, you should also decide whether you want the company to be a long-term venture or if your primary intent is to make money by selling it in the short term. A business lawyer can help you decide the best route once they have a scope of your intended business.

What it your business' name?

After you know what structure you prefer for your business, you can then go about selecting the right name for the company. Picking a name can be a tedious process since many factors could lead to the chosen name being rejected. A few reasons why you will need to put more thought into your business name because it cannot be registered include:

  • The name is considered offensive to public decency.
  • The name may be confused with a pre-existing company.
  • The name implies a connection with a different organisation, for example, a charity.
  • The name is already being used by another business not affiliated with your own.

Your business lawyer will be able to whittle down your options by determining if your chosen business name is invalid.

How will you publicly promote your business?

For you to get brand awareness of your business, you will need to engage in the public promotion of your products, proprietary name and so on. Nevertheless, you will need legal guidance from your business attorney in regards to patent law, domain names, franchising, licensing and so on.