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Need very early advice with a new business

Mike1Mike1 subscriber Posts: 3 Member
in Selecting a Business
I'm looking into creating a new tech oriented business. I have two ideas that I think are very good. The only problem is that I do not know if either are legal or what hurdles I will face. I need to consult with someone but am not sure where to go. Does anyone have any advice? I'm guessing an attorney, but I'm not sure what kind. Most attorneys I researched at this stage were focused on IP, but I think I'm looking for someone who can help with IP and a high level legal issue answer.
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    PZagottiPZagotti subscriber Posts: 23 Bronze Level Member

    Hi Mike,

    Attorneys are like doctors in that they specialize in various subjects.  A business attorney is generally not going to also do criminal law.  IP is a specialty and the patent bar requires a different test that only lawyers with an math or science background can take in some instances even non attorneys with a science background can sit for the patent bar.  So you might need to find your answers from two different attorneys. 

    Phillip Zagotti
    Partner
    Zagotti & Burdette CPA, LLC
    ZnBcpa.com
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    ShikiShiki subscriber Posts: 14 Bronze Level Member
    If you are planning to create a new tech-oriented business and not sure if it's legal- you can try to talk with people from this area. I doubt, that your ideas do not have some common with already existing businesses.
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    RjMaanRjMaan subscriber Posts: 28 Bronze Level Member
    Most of people normally hesitate before they start of a company or doing any business. I think you should not be worried about failure, if you face it then you can have some experience at least. Moreover, you can find some experts who could help you in Company Registration. Once you legally register you company, the next step is to execute your plan that how you will earn money and where you will get orders etc etc. Yeah starting a business is a tough job but once everything start proceeding smoothly then one only has to wait for dollars to come.
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    MikeloMikelo subscriber Posts: 2 Member
    As it was said, you have to ask two different attorneys. Of course, it would be perfect if you could find already existing business that are similar to you desired. In this case you could learn more about aspects of setting business in IT field. However, I don't think that anyone would welcome a competitor and tell him secrets)      
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    AjitAjit subscriber Posts: 1 Member

    It's wonderful review and thanks to allowing me posting in your popular site. I believe you will do better day by day and boom. Really I am knowledgeable about reading your post. I shall be waiting for your next post.

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    John G. AnaiJohn G. Anai subscriber Posts: 83 Silver Level Member

    As a new business owner, try to start small and narrow your focus. Learn how to test your business idea. Create a simple, quality good or service. A successful business idea should fulfill promises to customers and exceed expectations.

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    PZagottiPZagotti subscriber Posts: 23 Bronze Level Member

    The best thing to do is not to start a business during a downturn. Based on preliminary research for an upcoming article, companies started during a recession or depression vs. businesses that started two years before or after the depression is much less likely to survive four years. I think there are multiple reasons for this phenomenon, including lack of planning, unqualified business owners, and weak economic demand.

    Some people may want to start a business when they cannot find other employment but these companies have a higher probability failure and in many cases leave the owner in worse financial shape then they were previously in.

    There is a right way to plan and start a business but timing has a significant influence.

    Phillip Zagotti
    Partner
    Zagotti & Burdette CPA, LLC
    ZnBcpa.com
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    TopFlightTopFlight subscriber Posts: 14 Bronze Level Member

    I would have thought starting a business in a downturn is the best opportunity in the world.

    This is becasue if you manage to start a business and get it profitable in a downturn - imagine what you can do when the economy is booming. I would suggest that now is the perfect time to start a business.

    A Business without Systems is Not Really a Business | Visit Our Website For Fast Business Templates and Systems.

    We recommend our Procedure Manual Template for business start ups. It will give you your life back and you can enjoy more freedom once again. Check our website out at the following link.

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    Mike1Mike1 subscriber Posts: 3 Member

    You guys do realize that you’re replying to a post I made over two years ago, right? Or were the last 5 replies bots?

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    TopFlightTopFlight subscriber Posts: 14 Bronze Level Member

    Oh yeah - look at that. 2 years ago. How did you go with the business? Or did it not happen?

    A Business without Systems is Not Really a Business | Visit Our Website For Fast Business Templates and Systems.

    We recommend our Procedure Manual Template for business start ups. It will give you your life back and you can enjoy more freedom once again. Check our website out at the following link.

    https://www.digitaldocumentsdirect.com/

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    Mike1Mike1 subscriber Posts: 3 Member
    edited May 2020

    Hah, the business didn’t get too far. The idea was at the height of blockchain frenzy- it was similar to how ADRs work for foreign stock trading on US exchanges. Except it was taking creating something like ADRs for US publicly traded companies (nyse and nasdaq) and creating infrastructure to trade them via blockchain. I wanted to build the technology solution and create a product to license. The big hurdles were capital needed for huge regulatory hurdles to make a decision to move forward. Someone will make the idea eventually, potentially Overstock or a big bank.

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    John G. AnaiJohn G. Anai subscriber Posts: 83 Silver Level Member
    1. Develop a solid and realistic business plan.
    2. Identify what you can and cannot do yourself.
    3. Start local.
    4. Get feedback from your clients and listen to what they are saying.
    5. Build a solid client list.
    6. Get a good accounting program and learn how to use it.
    7. Get organized.
    8. Promote your business properly.


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