Starting a business is no easy feat, but there are steps an entrepreneur in Orlando, FL can take to make the process easier to get through. For starters, business owners who are looking to expand their business or start a new business need to calculate their startup costs before they jump into the market. The fact is, if an entrepreneur doesn’t have adequate funding to launch their business but attempts to do so anyway, it could cost them a significant amount in time and money.
According to the U.S. Small Business Administration (SBA), when a business owner calculates their startup costs, it helps them to:
- Estimate what their profits might be
- Obtain loans if needed
- Attract investors
- Save money with tax deductions
- Find out what it takes to breakeven
Common Startup Costs Most Business Owners Incur
The type of business a person chooses to start will determine the startup costs they will incur. However, the SBA has highlighted a few common startup costs that most business owners will need to account for:
- Commercial space, either for an office, store, or a place to offer services
- Business law attorney
- Employee salaries
- Market research
- Printed materials
When a business owner has their financial affairs in order and can produce a detailed plan that gives an overview of all of their startup costs, it might entice investors or other business owners to invest in the business. It is also something lenders may use to determine whether a business is likely to profit. If an entrepreneur would like to obtain an estimate for what their startup costs might be, they can use the SBA’s online tool to do this.
Legal Counsel, P.A. Can Help New Business Owners Get Their Ideas Off the Ground
There are many challenges a new business owner is likely to face, some of which they may not be prepared for. That is why business owners are encouraged to seek help from an experienced Orlando, FL business law attorney. Lawyers who have a firm understanding of business law can identify some of the potential challenges an entrepreneur might face when starting a new business venture and help them either avoid it or prepare for it.
A common issue many new business owners run into is a lack of funding. In the event an entrepreneur with a profitable business idea doesn’t have enough funding to cover certain startup costs, they may need to look elsewhere to obtain the additional funding they need. If an entrepreneur wants to increase their chances of receiving funding from a lender or investor, they should consider having an Orlando, FL business law lawyer draw up a convincing proposal.
If an individual is looking to bring on investors or needs help estimating their startup costs, the lawyers at Legal Counsel P.A. are available to help and can be reached at 407-395-2653.
Legal Counsel P.A. is located at:
189 S. Orange Avenue, Ste. 1800
Orlando, FL 32801
Email: [email protected]