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Do not start a new business without first doing these 2 things

There is much more to starting a Maryland business then just diving head long into selling goods or services. Numerous issues need to be addressed and resolved before opening a new business. Two of the most important ones are to choose a name for the business and create a business plan. If these issues are not taken care of, the chance to succeed could be lost.

It might seem like a small task, but naming the business is crucial. It is not enough to simply pick a name and start using it. The name cannot be the same or substantially similar to a name registered by another business.

There might not be an available domain name that will draw customers to the company online. The name might not be available to use on social media sites. If a name is found that meets all of these criteria, it should be registered so that no one else can use it.

Creating a business plan is also vital to the success of a company. It provides a road map and outline of where the owner envisions the business to be going. The plan can also provide solutions for any speed bumps that might come up along the way. It might not be possible to plan for every contingency, but looking ahead and anticipating potential pitfalls helps eliminate any surprises that could take the company off track.

Even these two tasks are not necessarily as simple as they sound and are only part of the puzzle. There are legal requirements that must be met, and those requirements vary depending on the structure of the business. Maryland entrepreneurs who want to start a new business would most likely benefit from involving counsel who knows all of the legal steps that need to be taken before opening day.

Source: entrepreneur.com, "Starting a Business in 2016? Avoid These 5 'Beginner' Mistakes", Jonathan Long, Feb. 4, 2016

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