So, You’ve Started a Business…Now What?: Top 10 Considerations for any New Business

  1. Business Planning: This will serve as foundation for your company’s growth and success

2. Financial Planning

a. Efficiently manage funds. Identify additional sources of revenue.

3. Market Your Business

a. Identify and respond to emerging trends where your business could fill a need.

4. Select the proper Legal Structure

a. There are around 15 different types of business entities. Your chosen legal structure will affect how you run your business. It will also have implications on how you pay your taxes and keep your accounts.

5. Manage Business Risk

a. It is highly recommended to carry out a risk assessment to help identify the risks posed to individuals by business activities. Mitigate these risks or hazards as much as possible. Make sure to acquire the correct type of insurance. Most business zones require all businesses that employ a number of workers to get employer’s liability insurance. Additionally, acquire public liability or professional indemnity as well. These types of coverage will help protect your business from compensation claims if something goes awry.

6. Managing the Workforce

a. Set standards of performance in order to ensure an efficient workforce

7. Utilize Technology

a. Technology will serve to facilitate all aspects of the business.

9. Protect Against Fraud

a. Make sure to consult experts on the matter to keep your information and your client’s information secure.

10. Use Professional Advisors

a. Choose the right attorney to aid you with all legal matters. Many matters can be complicated and require assistance. Hiring an attorney to help with all matters of your company will facilitate the process and ensure nothing is being overlooked. You have done this and we look forward to continuing to work with you all on future projects as well.

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Gonzalo Law

Gonzalo Law

Gonzalo Law LLC is a U.S and international business law firm with offices in Ohio and Florida. Visit our website for more information @ http://gonzalolaw.com.