People come up with terrific business ideas every day, but many dreamers never take steps to transform the idea into a real Larimer County business. Inventor Thomas Alva described genius as “1 percent inspiration and 99 percent perspiration.” Ideas are the motivation behind business success, but they’re only the starting point.
There’s no risk involved in thinking about starting a Colorado business until entrepreneurs begin investing in the idea. Personal investment often includes market research and the development of a business model. A model outlines the products or services to be offered, states how the business should be run and identifies customers, financing opportunities and revenue sources.
Let’s say you have innovative ideas about making sub sandwiches. The next step would be to design and perfect the recipes based on your ideas and what you’ve learned about customers. Now is also the time to make decisions about small business formation – the way a new company is set up for legal and tax purposes.
The business model and marketing statement are then used to secure financial backing through lenders or investors. You become a start-up company on the way to blossoming into a full-fledged business. Attention is redirected toward sales, marketing, product or service improvements and overall growth.
You may find the day-to-day stability of running a business attractive. However, some people thrive on change and problem solving rather than settling into the management of a single business. Entrepreneurs often like to look forward to the next challenge and leave the relative predictability of business behind.
Legal guidance is valuable and necessary, whether you devote yourself to the development of single business or move on to apply ideas to new problems in new areas. A business attorney can help smooth the way for entrepreneurs and business owners to reach these goals, while keeping the clients’ best legal interests in the forefront.
Source: Forbes, “When Does An Entrepreneur Become A Business Owner?” Martin Zwilling, Mar. 12, 2015