Business Planning Considerations

Planning a Business Venture You will undoubtedly want to complete much of the groundwork before you even think about consulting an attorney to actually form your business.  The following are some questions you should consider before you decide to forge ahead with a business formation: What product or service will your business provide?   What is the target market for the product or service?   How will you reach that target market ñ what marketing strategies will you employ?   Who is your competition ñ what businesses already provide the product or service you intend to provide?  How will you distinguish your business from your competitors?  If any of the business principals or employees were formerly employed in the same field, you will want to ensure that they are not prohibited from working for your business by an employment contract or non-competition clause.  Broyles Kight & Ricafort, LLP is experienced in analyzing such agreements.    How much will it cost to start your business and to maintain it once operations commence?  What equipment and supplies will you need?  Have you prepared a projected budget for your business?    How will you finance your business?  Are you a minority owned business?  If so, do you qualify for minority-based financing?   What role will the respective principals play and what contributions will they make?   Will you need to hire employees to support your business?  If so, how will you identify the prospective employees, what will the hiring process be, and who will make the hiring decisions?   What is your business philosophy and objective?  Have you prepared a business plan, and do all of the principals agree on its content? Checklist Prior to Business Formation In addition to the more weighty considerations discussed above, you will also need to make decisions with respect to the ìmechanicalî aspects of the business. Do you have a name for your business that distinguishes it from the rest of the industry?  Once you decide on a name for your business, you may wish to contact the office of the Indiana Secretary of State [(317) 232-6576] and inquire whether your chosen name is already being used by another entity.  If it is not, then the name is available for your use. In order to ensure that the name does not become unavailable, you may wish to file an Application for Reserved Name ($20.00) which makes the name ìyoursî for 120 days.  If ìstart upî takes longer than anticipated, you may extend the reservation for an additional $20.00.   Do you have a logo, trademark or service mark you intend to use in connection with your business?  If so, you will want to register the mark or logo to prevent others from using it in association with their businesses, and to ensure that you are not infringing another entityís right to use the mark.  Our office can assist you with this process.   Where will your business be located?  Will it have more than one location?  You will need to designate a ìRegistered Officeî and a ìRegistered Agentî within that office where formal notices may be sent, and provide that information to the appropriate authority.  Broyles Kight & Ricafort, LLP can help you complete the necessary forms to get this information to the right people.   What insurance will you need to procure for your business, and from whom will you obtain the insurance?    Are there licenses that you need to obtain prior to commencing your business?