5 Things Your Business Needs

by | Jul 28, 2011

Small Business Owners

You’ve always wanted to own your own business. You may have one great idea, or you may have one-hundred good ideas; or you may just be tired of working for someone else.

Regardless of your reasons, you’ve decided to open your doors and you aren’t really sure where to start; or perhaps you’ve already opened your doors and need guidance.

Let’s discuss 5 things your business needs.

Business Plan

I know the first thing you think you need is money, but it isn’t. The first thing you need is a Business Plan. You wouldn’t start

building a house without drafting a set of blueprints first, would you?

Your business plan is the framework for your business where you set business goals, identify the purpose of the business, and define your market industry. How to Write a Business Plan

Formation Agreement

As we have previously discussed, your new business is accident-prone and you’ll want to take steps to protect yourself from your business’s liabilities. When you select a business structure, you’ll draft a Formation Agreement, which essentially is an agreement between you and the business regarding how the liabilities will be handled. Select a Business Structure

Startup Money

With a business plan and structure, now you need money. There are several options available for financing your start-up expenses, the key is choosing one that is right for you.

The most common option is to obtain a small business loan or grant, but anyone that considers financing you is going to want to see your business plan. Find Loans or Grants

Operation Manual

Drafting an Operation Manual will give you and your employees direction in your day-to-day operations. It should outline the procedures for performing certain tasks, and provide structure for the management of personnel.

Business Attorney

If you own, or plan to own, a business, then you need a business attorney that can help you draft the documents necessary to get your business off the ground.

Your business attorney can assist you in drafting your business plan and increase the likelihood that a lender will take a chance on your dream. Your business attorney can help protect your family’s assets if the business can’t survive this economic climate.

Most importantly, your business attorney can give you the tools to succeed.

–Authored by Matthew L. Harris, Esq.,

 

Matthew Harris Law, PLLC – Business Law Division

1001 Main Street, Suite 200, Lubbock, Texas, 79401-3309

Tel: (806) 702-4852 | Fax: (800) 985-9479

[email protected]