In honor of National Small Business Week, we are sharing some tips to ensure success in your business!
- Invest in the right people. Allow them to grow. Hiring employees is the easy part about owning a small business. Managing employees, ensuring that they are satisfied with their work and are productive can be a struggle for many businesses. Allow your employees the space to learn, to fail, and not be afraid to treat your business like their own so they are invested in it.
- If you are going to have a partner, make a plan. Ensure that you have a solid buy-sell agreement drafted before you get too deep in the trenches with your new business. This will allow you and your partner(s) to prepare and talk about goals so everyone is on the same page while working to grow the business.
- Keep an open mind. Plans change, including your business plan. If you give yourself the space to grow into a new industry, or new partnerships, your success may come from an unexpected source. At the same time, do your research and make sure you are following all local, city and state laws while doing so. In some cases, different industries and ventures require a whole new entity for your business or at the least, separate licenses. Do your due diligence or ask a lawyer if you are in doubt.
- Protect what you are building. If you spent months on a logo, or weeks coming up with a name for your business, protect the name with a trademark so that other businesses cannot use your logo or your name. Contact us if you have questions about trademarks.
- Grow in the right direction. If your business is growing and you want to expand it into more locations, find investors, or build a franchise, make sure you are doing all the right things to allow for that growth, including ensuring that you have the right legal structure (LLC or Corporation), that your licenses are all up to date, and that you have a brand with all legal protections necessary.
Disclaimer: This blog post does not constitute legal advice and is shared for informational purposes only. This blog post does not form an attorney-client relationship and the content here may not be applicable to you. If you have specific questions about your situations, please contact us.