Do I Need a Business Plan? How do I get Started?

There’s a lot of groundwork in starting a new business. Many people apply for their business permits and get to work on opening up a bank account without thinking too far into the future about business viability and survivability.

Future planning is where a good solid business plan comes in. As a Provo business litigation expert, we advise all new businesses to create a solid business plan.

How to Start a Business in Utah

Your path along these nine steps might differ slightly depending on which type of business you plan on operating or its physical location. Some actions may not be applicable for the same reasons.

Narrow down a business idea. Your business may choose to offer products, services, or a combination of both. This initial stage is where your business plan will come into play.
Choose the legal structure you’ll operate. Common formations include sole proprietorships, limited liability companies, or corporations. Provo business attorneys can help you file these.
Pick a business name. Check with the state’s database to ensure another entity does not already take it.
File the necessary paperwork to create your previously chosen entity structure. You’ll include the newly chosen name on the paperwork.
Apply for any permits required at a state, county, and even a city level. In Utah, you must check with all three. Some cities will not require a permit based on your business type and field, and others will.
Decide on a physical location if you have one—double-check zoning regulations. Even smaller businesses may need to comply with parking space rules.
Comply with tax registration requirements. These differ based on business structure and yearly income.
Investigate your insurance options and shop around for the best policy. Insurance requirements vary based on the type of business you’ll be operating.
Open a bank account on behalf of your new business.

County business laws and every city may also have its own business licensing requirements. Don’t assume you don’t need to follow these steps even if you decided to retain one of several business attorneys in Provo Utah. If you have a typical “cottage industry” business or something you can do virtually from home, it’s still worth consulting with Provo business lawyers.

Benefits of a Business Plan

Creating a business plan, in the beginning, helps you slow down to examine things like finances, competitors, potential growth opportunities and avoid potential business litigation.

Business plans also:

helps you formulate goals
helps keep business partners informed
helps you find common goals and develop resolutions if business partners should disagree

How to Make a Business Plan

There are two main kinds of business plans: a traditional business plan and a lean business plan.

A traditional business plan is more extended, more comprehensive, and often used by lenders when raising starting capital. In a conventional business plan, you’ll cover:

a mission statement
your business product and why it is impactful to your customer base and surrounding physical community
financial information, including your plans to raise money
growth plans
detailed company description
marketing & sales
competitor analysis,

and more.

A lean business plan includes:

the businesses value proposition
key players
revenue streams
cost breakdowns

Business plans can and will differ based on the complexity of the business.

How a Lawyer can Help

Provo business attorneys are skilled at walking through all the nuances of what makes up a thorough business plan. We often see gaps in the planning phase as a Business Litigation Attorney Provo. Spelling out various nuances can prevent headaches down the road.

Contact Howard Lewis & Petersen

Faithfully serving Provo, UT, and the surrounding area, we are your Utah business attorneys. We are ready to help you with your business plans. Contact us today!