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Start or update your business

Forming a new business brings many details to consider. We're here to help.

Peter M.
Rocket Lawyer member since 2016

Start or update your business FAQs

  • How do I start a business?

    Starting a business is simple. First, you need to decide what kind of business you want to start and if you wish to form a legal business entity. Even if you work alone as a sole proprietor or freelancer, there are still benefits to incorporating your business, including liability protection and possible tax advantages. Limited Liability Corporations or LLCs are the most commonly formed business entity. They are easy and affordable to create. If you prefer, you do have the option to form a nonprofit, S-Corp, or C-Corp using our services, as well. We can help you start your business in any state with the locally required paperwork.

  • Should I start a business?

    No one can answer that question for you. Running a business is both challenging and rewarding, but not everyone succeeds. If you have a good business idea or have already started your business as a sole proprietor, it makes sense to form a business entity. There are many advantages including funding options, tax advantages and liability protection.

    If you are not quite sure if you want to start your own business, you may want to consider the advantages to owning your company, such as:

    • Being your own boss and managing your own time
    • You have the opportunity to create a business that you love
    • You may be able to make more money than you would as an employee
    • You can choose who you want to work with
  • How do I fund my new business?

    It is best to start off with some money in the bank. Many financial advisors also recommend that you "keep your day job" for a while if you can, so you do not have to depend on the business to pay your personal expenses. You may also be able to qualify for a small business loan to help you with start up costs. Once you can prove that your business could be successful, you can seek funding from investors.

  • How can I make my business successful?

    That is the golden question. While a one-size-fits-all answer doesn't exist, there are a few common traits that can help your business succeed. Major topics of consideration include:

    • Market demand. It doesn't matter how great your product is if no one wants to buy it. While some smart marketers have been able to "create demand," it is difficult. It is much easier to fulfill a need than to try to make people believe they have one.
    • Cash flow. Capital can help your business stay afloat during challenging times, and it can help you to be able to provide your product and services when they are in demand. You'll need savings and/or a line of credit to help you succeed.
    • Hard work and energy. Simple "get up and go" is needed to make your business successful. When you run your own business, you'll need to wear many hats, seek your own clients, and manage sales to succeed.
    • Support from others. You'll need support from your business partners, employees, family and friends, customers and clients, and your network to help you succeed. If you do not have a network, you may want to start building one.

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