Starting a business is tricky—maintaining one is even trickier. Creating and maintaining a successful business? Well that’s another story entirely.
Words of Wisdom
There are a lot of things budding entrepreneurs should know before they even get started. Don’t take out that first loan unless you know exactly what you’re doing. Otherwise, you’ll be heading straight towards bankruptcy. Sure, it’s important to take risks—but not when you’re just starting out.
And here, we’re only talking about the business side of things. We haven’t even included the legal aspect yet. This is another key element of business that you need to grasp before you invest in all the wrong things.
But don’t get intimidated: we’re here to help you out. All it takes is a proper business plan. And on this article, we’ll be talking about what business planning with an attorney is all about.
What is Business Planning?
In order to make your own business plan, you need to take into account all of your goals and main objectives. So no, this is not limited to “making money”. You need to determine what you’re trying to accomplish with your business. What service are you trying to provide? What kind of product are you selling? What makes your products different from the ones that are already in the market?
Once you’ve enumerated your goals, you need to think about your strategies. These are the actions you need to take in order to reach those goals realistically.
Now you need to answer how you’re going to accomplish those goals. How will you make the products? Where will you get the materials from? How many people do you need to hire? How much will all of this cost?
The business plan will ensure your brand’s survival and growth. In any industry though, it’s not enough to survive. You need to make a profit. Your business needs to thrive.
There are a couple of different business plan types. The most basic one is the business plan you create before your startup. It serves as the blueprint for how you will develop your new business. This business plan is backed by research and data. You can conduct surveys and gather as much information as you can about the market you are entering. This way, you’re not coming in blind. It increases your chances of success.
Of course, if you’ve already started your business without a business plan, it’s not too late to do so. There’s what we call the post-startup business plan, which acts as a living document that you have to update through the life cycle of your business.
There are other types of business plans depending on what information it is focusing on: sales forecasting, cash flow analysis, and business contingencies are among those.
Here’s where it gets interesting. Business planning with an attorney is basically the same thing as a regular business plan—but here you’re also taking into consideration the legal aspect of entrepreneurship.
Starting a business is tricky, and there are so many “landmines” and traps you can fall into if you’re not careful. Legal problems can arise, especially because newer entrepreneurs rarely take the law into account. They can have problems with trademarks or negotiations or contracts, etc.
When it comes to business planning, it’s better to avoid legal problems than solve them. You’re going to need an attorney for both of these scenarios, so might as well steer clear of potential problems by consulting a lawyer as you make your business plan.
Disclaimer: None of the content here is considered legal advice. Please speak with one of our attorneys before taking action.