Start a Business

Write a Business Plan

The first step to starting any business is to begin writing a business plan. A business plan is a written document that describes in detail the business objectives and how it’s going to acheive those objectives. It lays out the framework for marketing, financing and operations. The purpose of a business plan is to create a strategy of growth, understand and determine financial needs, and of course – attract investors! The SBA has a ton of resources to help get you started. To get more detail on what all needs to be included in a business plan, and to view example plans click below.

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Obtain Business Licenses & Permits

Once your business plan has been written and you have obtained financing (i.e. investors) for your start up. The next process is file your business with the State of Ohio. Businesses are required to register with the Ohio Secretary of State to legally conduct business in this state. You will first do a business search to make sure the tradename of the business you want to start is not already taken by someone else. Next, you will file your business. This process declares what type of entity your business will be conducted as (i.e. Sole Proprietorship, Limited Liability Corporation, etc.). It also declares what your business will be named. In addition, depending on what type of business you are starting – Ohio has requirements for licensing and permits. To review requirements for your industry, and see if permits are needed click below.

Business Licenses & Permits

Choose Business Insurance

Business Insurance is a must have for any start up. It exists to protect your investment, as well as any co-owners or investors. It also provides financial compensation to the people who work for you – should any accidents occur. Some business insurances are optional, but others like Workers Compensation, are mandatory. The state of Ohio determines which are required. There are several types of insurance available. Some examples include: General Liability Insurance, Commercial Property Insurance, Workers’ Compensation Insurance, Commercial Auto Insurance, Commercial Flood Insurance, Umbrella Insurance, Professional Liability Insurance and Business Income Insurance. If you would like to be connected with a local insurance agent to discuss your business options, contact us today.

Find a Lawyer and an Accountant

Do you need an attorney or accountant? Most small business owners, especially start ups, have the perception that attorneys and accountants charge high rates. While it is true that these services can get costly, hiring an attorney and accountant will often save your business in the long run. Determing what level of service and expertise you need will help control costs associated with these professional services.

While you may not need an attorney for every step of running your business, having a legal goto is worth it when unexpected issues arise. Likewise, Accountants can provide invaluable service – not just during tax time, but in helping analyze financial data and making recommendations that can result in businesses becoming more profitable. To get connected with a local attorney and/or accountant, contact us today!

Trademarks, Patents & Copyrights

A trademark is a word, phrase, symbol, or design that identifies and distinguishes your company from others. Some examples of trademarks include brand names, slogans, and logos. Unlike patents and copyrights – trademarks do not expire. Trademark rights come from actual usage – so long as you continue to use the mark in your business operations AND you continue to renew and pay fees at regular intervals.

A patent is a limited duration property right pertaining to an invention. Patents are granted by the United States Patent and Trademark Office for the purpose of public disclosure of the invention. Examples of patents include machines, processes, chemical compositions, etc. Design patents are granted for 15 years from the issuance , and Utility or Plant patents are granted for 20 years since the date of issuance.

Copyrights protect original works of authoriship. Examples include literary, dramatic, musical and artistic works. The duration of a copyright protection depends on several factors, but can last for the life of the author plus 70 years, to 95 and 120 years since the date of the creation.

For more information on Trademarks, Patents & Copyrights – visit the:

United State Patent and Trademark Office

Rent or Buy Office Space

You have completed your business plan, gained investors, registered your business with the State of Ohio, secured an attorney and accountant, and registered your trademarks, patents or copyrights if applicable. You are now ready to start looking for a place to conduct your business. The question now becomes – do you lease or buy office space?

If you are just starting out – you may be tempted to work from home. While sometimes this can be the best way to start your business, especially if you have a “day” job while your business gets going or finances are really tight. However, all growing small businesses will eventually need some kind of space to exist.

There are several pros and cons to leasing vs buying the space you need. Here is a quick run down.

PROS | Leasing Office Space

• Prime property: Leasing office space provides business with the chance to rent in an area with good location and high traffic. If your small business is dependent on location and traffic, such as a restaurant or shop, leasing is much more affordable to get the location you desire.
• Free up working capital: With money not tied up in real estate – your business can grab new opportunities to grow. You ability to borrow funds will not be as limited as if you owned real estate.
• Free up time: Leasing affords time to focus just on your business. Owning real estate comes with its own set of time and money demands

CONS | Leasing Office Space

• Variable costs: If you have ever rented, you know that rent always goes up. Leasing commercial property is no different. You will most likely be subject to annual rent increases.
• No equity: With leasing, you are in essence funding someone elses retirement with your lease payments. Owning property means you gain equity in your building. However, owning requires you to get involved in the property management business.

PROS | Buying Office Space

• Fixed costs: Locking down a mortgage rate will give your business a clear cut fixed cost.
• Tax deductions: The costs of owning and running a commercial space can provide numerous tax deductions. Examples include mortgage interest and property taxes.
• Additional income: If you buy a place that has extra space, you could rent out the space – adding another srouce of income.
• Equity: Real estate property tends to appreciate over time. Meaning eventually, you could sell and fund your retirement.

Cons | Buying Office Space

• No flexibility: A new or growing business may outgrow the space you have chosen, forcing you to sell prematurely before having had a chance to gain equity in the property.
• Upfront costs: The biggest con to buying your own space is the upfront costs. Just like buying a home, there are appraisal fees, down payments, maintenance costs and possibly property improvement costs.

If you are looking for a space and considering renting or buying, give us a call today so we can connect you with local property experts.

Purchase or Rent Equipment

Should your business rent or lease equipment?

It depends entirely on your situation. Leasing can be a great option for business owners who have limited capital or need equipment that must be upgraded every few years. Purchasing is a better option for established businesses or for equipment that has a long usable life (i.e. doesn’t depreciate as quickly).

Here is a quick run down of the pros and cons of both.

PROS | Leasing Equipment

• Less initial expense
• Tax deductible
• Flexible terms
• Easier to upgrade

CONS | Leasing Equipment

• Higher overall cost
• No equity (unless equipment depreciates quickly, this is a significant disadvantage)
• Obigation to pay entire lease term, even if you stop using that equipment

PROS | Buying Equipment

• Ownership and equity (if equipment has a long useful life)
• Tax incentives and deductions

Cons | Buying Equipment

• Higher initial expense and tie up of credit lines
• Stuck with outdated equipment (especially true for high-tech equipment)

If you are looking for or need equipment for you small business, let us know so we can connect you with vendors who may be able to help you!