An Entrepreneur in today’s fast-paced business landscape will deal with many challenging and difficult decisions as they move forward in their enterprise. Being able to respond in a timely and efficient manner is critical to their success. The Law Office of Seaton M. Daly III, P.L.L.C., has developed the following toolkit to get your enterprise off and running so that you can move forward in a positive direction.
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Develop a business plan. There are many websites, books, and manuals on the market regarding this subject, but always remember: there is NO right way (or wrong way for that matter) in drafting a business plan. MAKE IT YOUR OWN!
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Acquire startup capital. Every business needs money! Apply for loans and credit cards, ask a wealthy relative/friend for money, take out money from savings account, stocks, bonds, etc. Get creative – swap services with businesses that need your services/products.
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Hire an attorney. “He who represents himself has a fool for a lawyer.” Hiring a qualified attorney in the beginning will help to avoid mistakes that can be costly in the future. Attorneys’ are not cheap, but amortize the expense over time, and it is money well spent.
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Establish a corporate entity. Protecting yourself personally from potential exposure to liability and lawsuits is a key benefit to creating a corporation or other legal entity. An attorney will be able to assist you in establishing which legal entity is right for you and filing the necessary paperwork with the Washington Secretary of State.
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Comply with State/Local business licensing requirements. Most state, county, and local governments require that businesses be licensed to operate in their jurisdiction. Make sure all fees and licenses are in compliance with the applicable regulations.
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Obtain a Federal Employer Identification Number (EIN) from the IRS. Businesses that are incorporated and hire employees are required to have an EIN. Additionally, some banks may require that ALL businesses have an EIN in order to qualify for a loan.
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Obtain insurance for your business. Depending on the type of enterprise you are engaging in will determine how much (or how little) and what type of insurance coverage will be needed.
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Draft any internal business documents. Going into business with someone else? Make sure that any agreements are drafted ahead of time clearly outlining the relationship between the partners. Have an Attorney review/draft the document(s).
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Establish a website and marketing plan. How you present yourself to the general public can be a critical determinant in the success of the enterprise.
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Open a bank account. Establishing a relationship with a bank and financial advisor will provide your company with greater long-term flexibility. Show them your business plan.
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Protect any intellectual property. Hire an Attorney to assist you through this process. The registering of intellectual property can greatly increase the value of your enterprise.
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Invest in solid technology. Having the appropriate accounting software, computer, backup drives, IT Support, can be relatively inexpensive if you understand your technology needs.