Building your own business from the ground up is an exciting opportunity, but it can also be challenging.
While My Legal Valet provides start-ups with the guidance and tools they need to avoid common mistakes and ensure all important parts of the process are completed right, it is important to first figure out whether or not your business idea is a great business opportunity.
You may come up with a business idea while on your morning drive, or even one night when you are struggling to sleep at 2am, and there is no doubt that an amazing feeling hits you when you believe you have come up with a great business idea.
But, the question is, how do you know whether your business idea is as good as you think it is? Good ideas are exciting, but good opportunities are scalable.
Great business opportunities fill an ongoing need – they offer something new or different and, crucially, they allow you to make a profit and grow your business.
It is a good start to be certain that you have a great business opportunity, so here are some key signs that your idea is a great one.
It solves a problem. As long as consumers have problems, they will always search for solutions. The problem doesn’t have to be one that nobody else is tackling – people will always look for better faster and smarter ways to accomplish their tasks. It is important for you to ensure that you are providing clients with the best solutions possible.
It is not easy to copy. While coming up with something truly unique may be difficult, keeping it that way may be even harder. Once other people hear about your product or service, they may attempt to copy it. Keeping your idea the only one of its kind may be challenging. However, you can take the preventative legal steps necessary to keep your work protected. You may want to proceed with a Patent or Copyright to protect your intellectual property.
People get excited about it. When you explain your idea to other, how do they other react? One simple way to find out if your business idea is worth pursuing is to ask people – people you don’t know – whether they think it’s a good idea. Simple ways to test your idea on the public may be to create a survey online or on paper and ask a range of people to participate.
Your heart is in it. You will need all the inspiration, commitment and the perseverance you can get to make it as an entrepreneur, therefore it is important to start a business you are passionate about. It is important to choose a path your heart is in, because then you will enjoy the journey and what you do.
Your Core Values are the glue that holds your business together.
“The happiest and most successful people I know don’t just love what they do, they’re obsessed with solving an important problem, something that matters to them,” Dropbox co-founder Drew Houston said.
Successful businesses start hereFrom Idea to Business
Step 1Start-Up Business Questionnaire
Complete the My Legal Valet Start-Up Business Questionnaire.
Step 2Consultation with our Business Consultant
Have a consultation with a My Legal Valet business consultant. Your consultation will provide the opportunity for our team to gain information about your business and answer any questions you have.
Step 3Basic Business Plan set
Get your basic business plan set with the help from our business consultant and provided templates and guides.
Step 4Business Name Check
We will conduct a business name search, to ensure that you are free to use the name you have chosen for your business.
Step 5Completion of Forms
We will complete all forms needed to create the business in your chosen business entity.
Step 6Additional Document Completion
My Legal Valet will complete any additional documentation as needed.
Step 7Filing of Business Paperwork
All completed business paperwork will be filed accordingly. Filing fees may vary by state.
Step 8Federal Tax ID
We will apply for your EIN/Tax ID and provide it to you.
Step 9Next-Step Guidance
Once your new business is successfully set-up, My Legal Valet will provide you with guidance for next steps! You may also want to purchase a My Legal Valet monthly plan and add-on to help keep your business running smoothly and continue to grow.