Thursday, July 2, 2009

Is now a good time to start a business? Yes!

Is now a good time to start a business? Yes, it is!

At Press, Potter & Dozier, LLC, we've seen an uptick in recent months of entrepreneurs seeking help in starting new businesses. This might be a surprise to some, given the dour economic news in the newspapers, especially the perception that the "credit crunch" for new and existing businesses getting access to credit is still an insurmountable obstacle.

Our clients tell us, and our experience bears this out, that now is a great time to successfully start a business. Our bank clients have told us that they are looking for new lending opportunities. The key is having a good product or service that meets a currently-unfulfilled need. For example, this past week's Washington Post Magazine (June 28, 2009), highlights two local women who started a business helping organizations use social networks like LinkedIn, Facebook and Twitter to keep in touch with their members.

A key in starting any business is to control upfront costs. And legal costs in particular can be dramatic for a new start-up. Businesses must be registered and licensed, trade names need protection, employment agreements must be drafted, independent contractor agreements must be created/or reviewed and leases negotiated. While an entrepreneur may be a great "idea" person, it can be especially daunting to wade through all the requirements that must be met before a new business can open its door.

Starting Your Business in Montgomery County, MarylandPP&D's manual, Starting A Business In Montgomery County, Maryland (written by my colleague Susan Potter and me) identifies all the steps that must be taken in forming a business. In easy-to-read language, we describe those items that can be done independently compared to other tasks where it would be more appropriate to seek outside help. The Manual has links to sites that have forms for many steps of the start-up process, such as registering businesses, selecting a name, securing licenses, and others. We also provide directions for obtaining insurance, opening a bank account, hiring employees, and choosing a location. It is a must-read for all new business owners in Montgomery County, Maryland.

You can preview an excerpt (in PDF form) of Starting A Business In Montgomery County, Maryland. Ordering information is here. In some future posts, Susan or I (or our colleagues Fred Press or Cecilia Jones) will highlight particular parts of the Manual and the start-up process that we feel deserve more attention. And we'd appreciate hearing your comments about the Manual as well!

Keywords: startup, starting a business, starting your own business, starting a business in maryland

1 comment:

  1. I don't know if you've ever read Crush It! by Gary Vaynerchuk. But I totally agree with, "Is now a good time to start a business? Yes, it is!"

    I myself am trying to start an event photography business (tech and black tie events).