Creating a new business is exciting and scary at the same time. Many entrepreneurs in the Denver area reach a stage during their business formation efforts when their fear of making serious mistakes becomes overwhelming.
Recently, this blog featured a post discussing why someone might choose to buy a franchise. While the benefits of choosing a franchise are many, it is also wise for those looking into business formation to learn about the possible disadvantages of owning a franchise. First, a very brief outline of some advantages associated with franchise ownership.
We all have our favorite franchises, whether they are department stores, fast food restaurants or other popular business establishments. In fact, many franchises are now household names and have seen decades of success.
When you are developing your new business, you have a lot on your mind. Perhaps you are putting the finishing touches on an invention, or working out the logistics for your new service. You may need to buy or rent a space, hire employees and take care of endless details. Hanging over all this are your considerations and worries about your potential customers.
We often talk about business as though its only goal is growth and profit. Certainly, a for-profit enterprise needs to make money. But it can also do some good for the community.
With the summertime comes a flock of food trucks on the streets of many other American cities, and especially in and around Denver. Just a decade ago, food trucks appeared to be no more than a trendy update to the lunch wagons and taco trucks of old. Now they represent a $2 billion industry.
When you are starting a new business, you have a lot on your mind. You have to get your product or service ready for market, you have to find a market, deal with suppliers, hire employees, find office or retail space and keep track of thousands of details.
If you are starting a new business, you have to make a lot of decisions quickly. You have to figure out how to develop your idea into a working business, how to hire employees and attract customers. You may even have to figure out where you are going to work.
Simply put, whenever two or more people own a business together and share in its profits and losses, they are said to have a partnership. However, it is always a good idea to get a partnership agreement in writing, so as to make sure everyone has the same expectations. A written agreement can save a lot of headaches later on, if or when the partners have disputes or decide to part ways.
Choosing the correct legal formation for a new business is crucial. This choice will have major legal and financial implications for the future. It will determine not only the amount of taxes owed, but also whether or not the business qualifies for certain types of funding.