Starting your own company is an exciting and potentially profitable idea. However, it also carries a large amount of risk. For many business owners, these risks have been exacerbated by a failure to fully research and understand what they were getting into before it was too late. Unfortunately, there are a large number of myths and rumors circulating about business ownership.
If you are considering starting a company of your own, a knowledgeable attorney can help you make sound decisions before investing large amounts of money. With years of legal experience and full support staff, your Iowa business lawyers of LaMarca Law Group, P.C., can provide the guidance you need. Call our offices at (515) 705-0233 to learn more about how we can help you.
Business Fact and Fiction
Do not let a common misconception interrupt your plans for the future. Below are some of the most prevalent business startup myths and the facts behind them:
- If you have a good product, you will definitely be successful. Unfortunately, the real world is not that simple. There are many components to running a business successfully, including marketing, financial planning, and customer service. Even if your product is amazing, your business can still fail, especially if you lack careful planning.
- Anything you buy for your company can be deducted from your taxes. IRS regulations are just not that simple – and the consequences for disobeying them can be severe. To avoid costly legal complications down the road, make sure you thoroughly research your responsibilities as a business owner.
- You do not need a business plan if you can finance your own project. The truth is your business plan is not only for attracting investors. It gives you a chance to anticipate future obstacles, and a helpful document to refer to when complications arise down the line. No matter how large or small your company will be, develop a solid business plan first.
These are only a few of the misconceptions that could cost your business a significant amount of time and money. Our Iowa business startup attorneys can help you learn more about preventing major and minor legal errors.
Your Iowa lawyers of LaMarca Law Group, P.C., have years of experience helping both new and experienced business owners. To discuss your future plans with your Iowa business attorneys, contact us today at (515) 705-0233.