Business Formation: Proven Strategies for a Strong Start
You’re a Colorado entrepreneur who is excited about the future and ready to create the business you’ve been dreaming of. However, you may find the idea of business formation confusing or even intimidating. Thankfully, it is not as difficult as it might seem to get a business up and running. The key is to take advantage of proven start-up strategies and to get good advice on business decisions that lie outside of your area of expertise. .
Tips for Launching Your Denver Small Business
Below are some key considerations as you work to establish a solid foundation for your new venture.
Create a business plan
Every successful business starts with putting a detailed plan into writing. Having your strategy fully mapped out in your head is great, but putting it on paper ensures that all stakeholders are literally on the same page. Your business plan should cover a wide range of topics including details about your product and/or service, target market, management structure, marketing strategies, etc. Not only will you and your team benefit from the time and effort you put into crafting your plan, other parties like lenders and investors will expect business formation documentation from you.
Form the business entity
Will your business be a limited liability company (LLC)? A sole proprietorship? A partnership? The decision you make at this stage of business formation will have long-term implications on a wide range of subjects from taxation to legal liability. Be sure you understand which business structure is right for your needs. Deciding on the legal structure of your business is perhaps the most important point at which to get business development legal help.
Choose your business name wisely
The are many things to consider as you pick a name for your company. You want it to be descriptive and memorable today, but you also need to think about whether it will still be applicable as time passes and as your business grows and potentially diversifies. You also need to do thorough trademark research to ensure you aren’t infringing on anyone’s rights.
From general business liability insurance to what is known as “errors and omissions” insurance, there are many types of coverage you should consider. You want to have the appropriate policies in place before your company is operational so that you are protected from Day 1.
Get required permits and licenses
Many types of businesses must be authorized by regulatory agencies to begin operations. Be sure you have done thorough research and have the certifications required in your area. A Colorado small business lawyer is your best resource for determining what permits and licenses your business will need to operate legally.
Establish financial relationships
For most small businesses, the saying that “it takes money to make money” is very true. Not only should you find a primary lender, it’s never a bad idea to connect with people at other institutions in case you ever choose to move your business or have a need that your primary lender can’t address.
Consider intellectual property protection
Wikipedia defines intellectual property as “a category of property that includes intangible creations of the human intellect, and primarily encompasses copyrights, patents, and trademarks.” Intellectual property law is very complex, so it is a good idea to talk with a Denver business attorney who specializes in this field to find out what steps you should take to protect your ideas. And, keep in mind that while you may not think of your type of business as one that would produce intellectual property, you may be surprised to learn that it does.
Find trusted advisors
From attorneys to accountants to business mentors, developing relationships with people who will share their insights can have a very positive impact on the success of your Denver small business. Plus, once you have established a core group of advisors, they can refer you to experts in other areas as needed. What’s more, they may even be able to steer some business your way!
And the Most Important Business Formation Advice of All Is…
While preparation is critical to success, determination plays an equally important role. The idea of “hoping for the best but planning for the worst” is very sound advice. Few Denver small businesses achieve the success they are striving for without hitting some bumps along the way. Patience, persistence, and a commitment to making it through the tough times will be some of your most valuable assets.
If you need a trusted resource for vital information on business formation, contact me, Elizabeth Lewis, at the Law Office of E.C. Lewis, P.C., home of your Denver Small Business Attorney. Phone: 720-258-6647. Email: firstname.lastname@example.org
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