We all want to be entrepreneurs, putting that amazing idea into something beautiful, tangible, recognizable and profitable. Like many entrepreneurs, the right idea simply needs to be nurtured and supported and steered into the right direction to become the next biggest hit in the market. So how do we actually turn an idea into your next big company? Back in 2005 when I started my law practice, I had no idea how or what my law firm would become today. I knew that I wanted to practice law, be my own boss, create a great work environment and spend more time at the beach.
When I started my firm, I was my own receptionist, paralegal, legal secretary, clerk, associate, accountant and snow shoveler. I had no choice but to do these things. I didn’t have the funds to hire staff or the knowledge as to where to go to obtain such assistance. I had no idea of what was essential to run the business. Everything was done, initially, by trial and error. I was excited, however. I knew that nothing would stop me from achieving my goals. After all, I was smart right? I had a law degree. I actually believed that simply because I knew how to effectively practice law, everything else would fall into place.
I quickly learned how misguided I was. I didn’t realize the importance of creating a corporate entity. This meant that I had to apply for a federal tax identification number, insurance, both professional and liability, I had to apply for trademarks for the business, I had to protect my intellectual property, apply for the appropriate lines of credit. When I began creating jobs and hiring people, I had to provide health insurance, worker’s compensation insurance and disability insurance. I had to create an employee handbook, file employer taxes, comply with federal, state and local employment laws.
I learned that in order to grow the business, I had to start an advertising campaign. I had to shore up my existing client relationships and make adjustments for new clients. I had to make sure that the work product we produced was impeccable and of the highest quality. I had to hire the best and brightest.
At Rozario & Associates, we understand what it takes to turn a simple idea into a real functioning business. We work with all types of startups in various industries to help facilitate that growth. From the formation of a corporation, LLC or partnership to filing for intellectual properties to providing advice on tax and employment-related issues, we are here to make sure that you focus on what matters, your brilliant ideas.