Steven Pietro | What Steps to Take Before Starting a Business
There are many people across the globe starting a business at this very moment. Some of those people will succeed. Yet, sadly, most of these people will fail. For anyone contemplating starting a business, this is a harrowing realization.
However, according to the corporate attorney, Steven R. Pietro, there are a few decisions that help significantly increase the chance of success. The fear of failure shouldn’t stop a businessperson from aspiring to open their business. Although, it should give new entrepreneurs an incentive to do their research. Steven Pietro has shared some insights to decisions that can help businesspeople succeed.
Know the Best Type of Business for You
Legally, any business that is created has three main options. Each of these options offers different tax breaks and protections. So, it is important to decide which is best for the potential business before starting it. Here is an overview of the three main types of businesses:
Corporation: A corporation is a large company. Usually, this comes after filing for either an LLC or an LLP. A corporation usually has a lot of money flowing in, with multiple facets that need to be secured. Registering as a corporation has its positives, yet, there are also negative repercussions if the business isn’t ready for a corporation commitment.
Limited Liability Company (LLC): An LLC is the most common type of business, especially for a small business. This is a business where there’s one owner, Steven Pietro. The way the company is legally grounded, though, there’s less legal and personal risk for the owner.
Limited Liability Partnership (LLP): An LLP has the same protections as an LLC, but it’s for multiple owners. If the company is going to be shared by co-owners under the parameters of limited liability, an LLP is appropriate.
Create a Contingency Plan with Steven Pietro
While accurate predictions are common, there’s nothing set in stone stating whether a business is going to do well. So, according to Steven Pietro, it’s important for a business owner to create a contingency plan. This plan should include rapid success and failure.
After all, if success comes on quickly, the entrepreneur needs to have a plan that will help them grow. If a business fails, the entrepreneur must have a plan so that they can continue to eat. Failure isn’t something anyone wants to think about. Yet, being prepared for anything comes with some uncomfortable scenarios.
Research and Obtain the Necessary Certifications
Certifications are important in most businesses. The exact certification needed can vary by state and sometimes certain municipalities. Before starting a business, it’s imperative that a businessperson knows which certifications they need. There is nothing more frustrating than having to stop the process for a person to acquire a certification. Researching this beforehand ensures that the entrepreneur will be ready. Looking up certifications could introduce the entrepreneur to a side of the business they have never experienced before.
In summation, starting a business is an extremely exciting time. Steven Pietro wants business owners to continue to be excited. However, he also wants them to understand the essentials of business legality. If an entrepreneur can confidently make these decisions they will be well on their way toward business success.