Chipman Mazzucco Emerson LLC

Starting a new business

Connecticut residents who want to leave their current job to start their own business may want to plan ahead to make sure they take the right steps to getting to their new venture. Being properly prepared can play a significant part in being successful.

One avenue they may want to consider is remaining at their primary job while beginning their new business as a side project. They will be able to gain entrepreneurial experience while being able to enjoy the financial security of their day job. During this time, they can work on defining their business model, conduct relevant market research and determine if there is an actual need as well as customers for the service or product they want to provide.

Another step is to develop an efficient financial plan. The financial plan should include saving enough money to support not only the prospective enterprise but also any routine living expenses, such as food and utilities. Although it is important to be passionate about their business ventures, practicality regarding finances and having enough set aside for emergency is necessary. One business owner advises that enough money be saved so that bills can be easily paid for at least a year while the business is being established.

Having a well-developed business plan is a must before starting a business. It should be a detailed plan that specifies the purpose of the business, the desired audience, competitors and estimated losses and profits.

An attorney who practices business law may assist clients who want to create their own startup company. Assistance may be provided with setting the appropriate type of business entity, such as a limited liability corporation or limited partnership. The attorney might also help protect the interests of clients during certain business transactions.

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