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Planning ahead for a service business

Talented Colorado residents may be able to start their own businesses through which they sell their services to others. Even if they are self-employed, it is still important for them to complete a business plan so that their business is likelier to succeed.

Such a document should have clearly defined goals as well as a plan for reaching them. People might want to include plans for how much they will charge per hour for their services, the number of provided services they will need to sell in order to meet their income goals and plans for attracting customers. The plan should also address the number of clients they will need in order to meet their goals.

It is a good idea for people to leave their current employers while on good terms with them. Sometimes, the employer may become a client, or it may refer others to the person's new service business. Plans for time and financial management are also important. People should include how many non-billable hours they will require and ways that they might reduce them.

Potential entrepreneurs who are interested in this type of a new venture may want to have the assistance of a business law attorney at the outset. A threshold issue will be what legal entity the new enterprise will operate under, and an attorney can outline the characteristics and filing requirements attendant to a limited liability company and a corporation. The attorney can also outline the regulatory compliance issues that the new venture will be facing, and these should be addressed in the business plan as well.

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