Key Harrington Barnes, PC

What You Need To Know About Starting A Business In 2017

Have you decided that 2017 is the year that you are going to launch your business? Whether this is something that you have been dreaming of your whole life or you have only recently developed a passion for it, you need to make sure that your excitement to move forward does not cause you to overlook any of the things that need to be done to make a business a long-term success.

5 Crucial Steps

What it takes to start a successful business today is a lot different than even five years ago. Entrepreneur released its 5 crucial steps to take when launching a business in the current landscape. In summary, they are:

  • Find a void in your industry and fill it
  • Establish an online presence
  • Communicate with your team using the most up-to-date technology
  • Follow digital marketing trends
  • Design a business map, not just a business plan

These are great tips that anyone entering the world of business should adhere to.

Do Not Forget The Legal

You have a niche. You have the Internet covered. Communication with your team is locked down. You know the trends in online marketing. Your business map is sure-fire.

What is missing?

The legal aspects of creating a business.

First, there is entity formation. Will your business be a sole proprietorship? A limited liability partnership (LLP)? A limited liability company (LLC)? A partnership? A corporation? Something else? Proper entity choice can make a dramatic difference in a business's path to success.

Depending on the nature of your business, there may be any number of permits and licenses necessary before you can open your doors. Skillful handling of government relations matters can play a big role in when you get to open your business.

Then there will be contracts, with everyone from suppliers to employees. Carefully drafting contracts can not only ensure that day-to-day operations run smoothly because everyone is clear on their rights and responsibilities, they can shield you from liability and allow you to take action in the event they are breached.

There is more, including the creation and implementation of company policies and procedures, training staff, buying or leasing real estate and handling union issues.

The truth is, there is a lot of work to be done on the legal side, but you do not have to do it all on your own. A trusted commercial law firm can get to know your business and your business goals, identifying the legal issues that need to be addressed and resolving them efficiently. A lawyer can lay the legal foundation, freeing you to focus your energy and creativity on everything else that needs to be done to make your business a success. 

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