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February 22, 2017 | JLK Law
Every year millions of Americans start their own businesses. Many of these individuals fall into the common pitfalls that can be avoided with a little foresight and careful planning. Many individuals are very good at their trade, take a plumber for example, but don’t have the experience of training to run a business. Important planning and putting the right individuals in place to allow entrepreneurs to run their business successfully are keys to success. If you don’t have the skills to manage and run every aspect of your business you have to assure those needs are met and planned for prior to getting started. Another common mistake is getting into business with a partner whom you don’t know well. Many people are drawn to others as partners because the proposed partner has funds or makes promises about what he/she can bring to the table. Taking on a partner can be a very beneficial move, but before any new business owner does so, he/she should obtain significant background information on the individual and assure that all agreements between the partners are reduced to writing.
Shoot for the stars, it is a phrase that we have all heard, but what does it mean in this context. To many new business owners just want to work for themselves and earn a living, but any new business should set high goals and attempt to cast its net as wide as possible. There is nothing wrong with not reaching these goals, many new business owners find that they cannot generate the revenue they assumed they were going too when they originally started. Therefore, new businesses should attempt to generate as much business as possible assuming that not all attempts to generate business are going to be successful. If the business grows faster than expected that can be dealt with, more business is better than less business. Many new business owners also attempt to save on costs by doing all of the work themselves, but forget that when they are doing all the work no one is out there drumming up new business. Often hiring competent staff to complete work while you are expanding the business, and in the public drumming up new business is essential. A new business should strive to continue to grow early and not be satisfied with the fact that there is enough work or sales for the immediate future, the long-term goal and future has to always be the concern of the owner of a new business.
Most importantly, when starting a new business, one has to insure all his/her ducks are in a row from a legal and financial point of view. Many new business owners concentrate solely on developing new business and business relationships, but fail to assure that all their legal issues are properly addressed. Is your business incorporated appropriately to assure you the protection you need? Do you have proper insurance in place? Have you created and executed the proper operating documents and partnership agreements to protect yourself and your business if there is a breakdown between yourself and business partners or other interested parties? Do you have appropriate and enforceable contracts for services with customers and third parties that adequately protect your interests? These are just a few the important legal considerations one must address when starting a new business.
If you are starting a new business or a business owner whom needs legal advice regarding the direction of your business or if you are involved in litigation over contractual and partnership issues, give us a call. We have experience regarding contractual disputes and business and corporate issues from partnership disputes to disputes with employees over compensation to dispute with third-parties who owe your business funds or who claim your business owes them funds. We also have experience handling disputes involving closely held businesses and corporations. Finally, we have experience with the financing needs of new business ventures. For more information contact Christopher P. Katers at Judge, Lang & Glynn, S.C., firstname.lastname@example.org or (414) 777-0778. Judge, Lang, & Glynn, S.C is law firm based in Wisconsin offering services to individuals and corporations throughout the United States.