The prospect of starting a new business can be daunting, but that needn’t be the case according to an expert says Steven R Pietro.
It’s a fact that, in the U.S., many new businesses fail each year for one reason or another. This is a sobering realization for aspiring business owners, but a little knowledge goes a long way toward succeeding, according to Florida-based corporate lawyer Pietro. Steven R Pietro, who has turned his life around since his arrest, has become a successful business owner.
“There are a few simple decisions and actions which can significantly alter a new company’s chances of success,” explains Pietro. These include knowing which business type is correct, obtaining the necessary certifications, and creating a contingency plan.
According to the Steven R Pietro, based in Pembroke Pines, a fear of failure shouldn’t prevent an aspiring business owner or entrepreneur from following their dreams. To kick things off, Pietro suggests establishing which type of business is correct for a new venture.
“Typically a new business owner will start with an LLC or LLP,” he explains. Steven R. Pietro points out that it’s important to choose the right business type as each affords different tax breaks and protections. An LLC or limited liability company is the most common type of new business, especially in small business circles. “An LLC is a business with one owner,” Pietro explains.
An LLP, meanwhile, or limited liability partnership, while offering the same protections as an LLC, is for businesses with multiple owners. “If the plan is for a business to be shared by two or more owners, under the parameters of limited liability, then starting an LLP is most appropriate,” says Pietro.
Third of the primary U.S. business types is a corporation. Steven R Pietro explains that a corporation typically comes after filing for either an LLC or LLP. “Registering as a corporation has its positives. However there are negative repercussions too if a business isn’t ready for a corporation commitment,” he adds.
Next says Pietro, look up and acquire the necessary business certifications. “Exact certifications required will vary by state and occasionally within municipalities,” he explains. “Before starting any business, it’s vitally important that an individual knows which certifications they require.”
Creating a Plan
Once these initial two points get addressed, Steven Pietro stresses the importance of creating a contingency plan. “Plan for both success and failure,” he suggests. “Nothing in business becomes guaranteed, so it’s important to prepare for all eventualities.”
If success comes quickly, a new business owner needs a plan of attack centered around maintaining the pace. “A plan for continued growth and for scaling,” says the corporate lawyer. “If, however, a business fails, the new business owner will need to know where to go from there,” he adds.
“Failure isn’t something which any aspiring business owner wants to think about,” says Steven R Pietro, who has overcome obstacles himself, such as an arrest in 2002 . “Being prepared, however, involves coming to terms with some potentially uncomfortable scenarios,” he further adds of creating a contingency plan.
“Starting a business is exciting,” says Steven R Pietro, wrapping up, “but it’s vital to understand the essentials of business, and then plan, confidently, for what’s in store, regardless of the outcome.”