At Attraction Industries we often meet individuals that are looking to turn their unique idea into a profitable business. Many times in our initial consultation, we see individuals putting the cart before the horse by trying to hire us to complete there project without first having laid the proper foundation to build upon. My hope is to educate the public on some ideas to consider before even consulting with a firm such as ours.

Step 1

Step one in creating your new business or revamping an existing venture should ALWAYS begin with a proper business plan. Often times the questions posed in a business plan will cause you to critically think your project through, from infrastructure to ad campaign. You might discover that you are not totally prepared to begin your project without considering some elementary aspects of your new venture. Some things to consider are demographics. Who is your target market? What is your realistic working budget? What is a realistic ROI (return on investment). What type of advertising campaign will be the most effective? These are just a few of the necessary questions that your business plan will address. The next step you may want to consider is infrastructure. This is an often overlooked aspect. Is your new venture going to be a sole-proprietorship, or a corporation? Depending on which option you choose could be one of the biggest decisions you will make. A few things to consider when making your choice are tax liability, asset protection, and future growth. Our company always advises to make these decision(s) with the help of a qualified tax professional, to help assist in your particular situations tax liability.

Step 2

After the above issues are addressed, it may be time to consider IP (intellectual property). What exactly is IP? This is a question our firm is often posed with from our potential clients. Some of the things that help fuel the longevity of your new company all fall under IP. Things like patents, copyrights, domain names, and trademarks are often overlooked unless a business plan is evoked and you take the time to consider what you need to protect your company’s name. See step 1!
A question we hear from a lot of clients sounds a lot like this – “Well, I bought the URL, so that means I’m protected from somebody using my name, right?”. If you think acquiring a URL will give you the protection you need, you may be in for a rude awakening. In all actuality, the USPTO (United States Patent & Trademark Office) is the best source for securing the essential IP that may help your new business stand the test of time. The lack of a trademark, if overlooked in your planning stage, could be the doom of your new venture. On the other hand a trademark or service mark that is granted from the federal government may be the most prized asset in your new company’s arsenal.

There are many steps to consider before you apply for your trademark. For instance, you should find out whether there are pre-regestered marks in existence as well as what classification best fits your new venture. Will you file under 1(a) or 1(b)? Do you have an acceptable specimin? These are just a few of the questions that you should address before the application is started. Keep in mind that once you submit your application to the USPTO there are NO REFUNDS. EVER. Even if your mark is denied. You should spend the time needed to consider the pros and cons before you file that application. Your trademark may also take up to 18 months to complete.

As you can see, there is a lot to consider before you pursue that new business idea that has been keeping you awake at night. However, once the decision is made, the risk levels addressed, the above items are put in place, your new business plan polished, your infrastructure is sound, and your IP is taken into account, you may find yourself on the way to becoming this year’s record-breaking start up. The Attraction Team wishes you the best on your new venture. If you have any questions, you can visit us at our office, call, or shoot over an email. We will be glad to help with your next project! Stay tuned for next weeks post where we will dig a bit deeper into the IP aspect of your new business.