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Great businesses only start with a good idea

A former White House dog groomer just realized that her big idea for a Presidential pet museum may not be as popular as she had initially thought. Therefore, after building a website, obtaining and caring for a vast collection of Oval Office Animalia and giving a try at making the museum a concrete reality for over 15 years, the now 83 year old is hanging up the thought as well as the business itself.

Along with letting go of what she conceived to be a great idea, she is simultaneously letting go of years of hard work as she moves these items into a phase of being auctioned off. While she is hopeful to receive at least $30,000, experts suggest that number is highly unlikely, but the once-groomer will settle for whatever she can get.

A good idea is the start... opening and operating is another matter

Having a great idea for a new business is nice and can be exciting, but moving from a thought or idea into something that is a tangible product or service - an actual business - is a whole different ball game that will take time, dedication and the right experience.

If you have a great idea, bear in mind that a new business will have to be competitive, must fill a need for consumers and monetized by generating sales. You also have to factor in budgeting for each department, insurance laws and necessities, building a team of employees and determine how you will be able to market your business effectively.

That's a lot for an entrepreneur to consider, which is why it is imperative to have a legal partner or legal advisor in place. They will help guide you through the process of building a new business as well as achieving success and longevity with smart business practices, secure contracts and legal compliance.

Being an entrepreneur takes innovation, detail and creativity, but an entrepreneur may be lacking when it comes to outlining what will ensure that a brand new business actually becomes a thriving one.

Whether you are looking into building your brand and don't know whether you should be an LLC or a sole proprietor, or you are seeking financial backing, counsel in legal matters or are not sure what you need to do in order to segue your idea into an actual brand, talking to a business lawyer will help.

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