Your business strategy is essentially everything when it comes to first setting up a business or forming a new business partnership. To say that the finest of details are crucial can be an understatement, and not knowing what is coming around the next couple corners can be folly. If you want to be successful, or at least not disastrous, you have to start thinking about strategy, objectives, and the means to get them now.
Your business strategy can be expansive but it should include these steps in it somewhere:
- Create an overarching map: While it is critical that you pay attention to the fine print and little steps when setting up a business or partnership, it is just as important to see the forest for the trees, or keep an eye on the overall plan. Lay it all out in plain language for you to reference when matters get mixed up or complicated.
- Choose your headquarters: Every business must operate from somewhere, even if it reaches its market strictly through online methods. Brush up on local trends and zoning laws to see where your home base should go. If you are creating a partnership, consider where your partners are located as well. Is it going to be a problem if you have to travel long distances for in-person meetings?
- Organize your finances: Before you get too far into the process, triple-check your finances, get them in order, and know what money is going to go where and for what purpose. The fastest route to business failure is letting your finances run free. If you need help planning how you or your business partners will dedicate resources, consider hiring a business accountant.
- Structure your business: Companies come in all shapes and sizes, whether you are going it alone or creating a partnership. Consider the benefits of LLCs, S corporations, nonprofit groups, and more before laying out the final groundwork of your business.
- Name yourself: Arguably the simplest part of forming a business, registering a business name may also be the most important, especially if you are going to deal with consumers directly. Brand names are everything when a product is on a shelf or a service is listed online. Schedule some boardroom talks with any business partners to choose a business name that reflects your organization.
- Taxes, insurance, and permits: If you do not need to pay taxes and obtain licenses or permits before opening your business, you are probably not in America. You will need to obtain a tax identification number and acquire necessary permits, and may need to purchase different forms of insurance for potential employees, such as workers’ compensation and disability.
- Get help: You should be proud of the business or partnership you have created and managed, but not so much that your pride gets in the way of its success. If you need help understanding a legal issue that is affecting your business, seek it out sooner than later.
At Schern Richardson Finter Decker, our Phoenix business consultation lawyers can work closely with you as you form a business, establishing a working partnership, or manage your company to ensure you never overlook important aspects or make a legal error. We are backed by an AV Preeminent® Rating by Martindale-Hubbell® and have an attorney selected to Super Laywers® Rising Stars℠ on our team. Contact us today to begin strategizing how your business can and will succeed.