If you are thinking of starting a business, you’ll find all sorts of advice about how to go about getting your new venture off the ground. Indeed, there are entire websites devoted to the topic. Yet, with so much information out there, it’s hard to know what you should heed and what you can ignore. To make things simple, we’ve compiled a list of six essential strategies for getting your new business up and running with the least amount of hassle and risk.
Establishing and enforcing healthy professional boundaries with your clients is critical for all business owners, especially if you own your own business and work from home, where the lines between work and home life are easily blurred. If you need support establishing healthy professional boundaries, reach out to us, your Family Business Lawyer™.
As a business owner, it's inevitable that you'll face minor conflicts and disputes at some point. Whether it's a client who refuses to pay a bill or an independent contractor who fails to fulfill the terms of their agreement, dealing with such issues is a simple fact of doing business. However, given the time and expense involved, filing a lawsuit in civil court to resolve such minor disputes typically isn't helpful, so taking it to small claims court may be your best option.
When running a small business, every dollar counts, so it’s critical to keep a tight rein on your expenses, especially when you are just starting out and have limited revenue. If not monitored carefully, spending can quickly get out of control and put a serious strain on your operation’s financial health. With this in mind, here are five cost-cutting measures that can help your company stay in the black.
If you have not yet put in place an estate and succession plan for your business, you’re going to leave the people you love most—your clients, your customers, your team, and your family—in the lurch when something happens to you. We get it - there are plenty of reasons to put off estate planning, and as business owners ourselves, we truly understand the common excuses for why you probably haven’t created your estate plan yet. But as a family business lawyer, stop making excuses!
When it comes to your company’s brand identity, nothing is more vital to your company than its name. By developing a highly catchy name for your business, you can quickly get your company recognized, remembered, and respected. But take note, coming up with the right name for your company involves a number of critical legal issues, so it deserves the proper protection available under intellectual property law.
“Very few companies recognize the value of their intellectual property, nor have they secured an IP strategy that mirrors their long-term corporate strategy to maximize this value,” said Brian Hinman. Without legal protections, your IP is at risk of being stolen by your competitors, hackers, and even your own employees, vendors, independent contractors, or clients. Worse yet, if you don’t take your IP seriously, you are likely undervaluing your greatest assets.
In light of the pandemic, the rules and programs governing income taxes for businesses have changed multiple times over the last two years, which has caused confusion and headaches for more than a few business owners. And while many of the pandemic-inspired programs and tax breaks have already ended or will end soon, a few of these programs still stand to impact your taxes in 2021.
When you're just starting your business, it's easy to lose sight of just how many potential risks your company faces. Yet a single accident or lawsuit can wipe out your company before it even can get off the ground. While setting up a business entity like an LLC or corporation can protect your personal assets from liabilities incurred by your business, it won't protect your business assets—that's where business insurance comes in.
Cash is the lifeblood of any business. Far too many businesses, most owners do not adequately manage their cash flow. Trying to manage a business without properly controlling your cash flow is like fighting a rising tide. Even if your company earns a solid profit, you may have cash flow problems from time to time, especially true during the first few years of operation.
Get savvy about growing your cash flow by applying these five techniques to avoid entering the ranks of insolvent companies.