The next step in starting your own business is to create a financial plan. Starting a business requires an initial investment before you can start making a profit, and some of the costs you’ll have to cover include licenses, rent, utilities and insurance. One of the most common reasons why businesses fail early on is because owners run out of money before earning a substantial profit. Drafting a financial plan with the help of a lawyer can ensure that you have enough money to keep things running smoothly for at least the first year.