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ABA Family Legal Guide

Forming and Operating a Small Business

Starting a Business

I have an idea for a business. What is the first thing I should do?

You should take four preliminary steps:

  • Make sure your manufacturing process, or your service, or your business idea, will work in the way you want it to work.
  • Conduct market research.
  • Prepare a business plan, covering projected sales, employees needed, and so on.
  • Prepare a financial forecast, so you'll know what the business is going to cost.
  • Determine where the money you'll need for start-up and day-to-day costs will come from.

    For the most part, these preliminary steps have relatively minor legal considerations, but they merit a brief discussion because they're so fundamental.

    • American Bar Association Family Legal Guide
    Copyright © 2004 American Bar Association
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