Questions entrepreneurs should ask themselves

People in Illinois who want to start a business should ask themselves some important questions. One is whether they are psychologically ready to run their own business. Doing so can take long hours of work, and most new businesses fail. In fact, four out of five startups fail within the first year and a half after launching.

It is also necessary to have a sound business idea. Part of figuring this out is doing research. Even a great idea has to be marketed properly to its customer base. Furthermore, an entrepreneur should anticipate any problems that may arise and solutions. These should all be included in a business plan and a business strategy.

Part of envisioning solutions means making sure that alternatives for funding are available. Simply estimating startup costs may be insufficient. Entrepreneurs should have a source to draw upon in case of emergencies. Additionally, the cost of operations needs to be included in startup costs. One big question for the entrepreneur may be whether they want a remote workforce or whether they want employees to clock in at an office each day.

It may be possible to address some of these issues with an attorney who works in the area of business formation. An entrepreneur also needs to decide what the formation of the company will be. Types of business entities include a limited liability company, a sub-S corporation or a partnership among others, and paperwork may need to be filed based on the entity chosen. New business owners may also want to consult an attorney regarding taxes, employment contracts, zoning and other issues.

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