Congratulations! You have taken a huge step in deciding to open your own business. You have become your own boss. You can make decisions which you feel are in the best interest of your new company. You also have a great feeling of pride, which is immeasurable.
The hard part is over- you have taken the initiative, the leap of faith to pursue your own dream. However, to ensure you give yourself the best possible start, it is prudent to have everything lined up to prepare your new business for success and to protect it.
You need a team to help you. There are many aspects of opening and running a business that have probably never crossed your mind. For instance, how should you incorporate your business? What kind of contracts do you need for employees and vendors? How do you know if your lease has protections for you? How do you protect the new ideas you may invent? If you have a business partner, what happens if you disagree on something in the future? What kinds of benefits should you offer employees?
A business law attorney can help with this. He or she can handle these details so you can concentrate on running your business. Along with an accountant and other professionals, the attorney can make the process of opening your business smooth. An attorney who specializes in business law knows the ins and outs of business formation, contracts, employment law, and if necessary litigation to protect you if something goes wrong in the future. Having an attorney as part of your “team” takes the mental weight of worry away and lets you get down to business.
There are other things to think about when opening your business, other “team” members that can prove to be invaluable. A marketing firm that specializes in SEO, advertising, and maybe a recruitment firm if necessary.
An option that new business owners sometimes overlook is a PEO. PEO stands for “Professional Employer Organization.” A PEO can handle employee management tasks, like employee benefits, payroll and workers’ compensation, recruiting, risk management, and training and development. This works by the PEO effectively hiring your company’s employees, thereby becoming the employer of record for and insurance purposes. A PEO is like a “one-stop shop” for all your employee needs. Many companies find this service very useful, as it takes the ministerial employee issues out of your hands and allows you to concentrate on running your business. You can ask your accountant or attorney if this is something right for your business.
So, you’ve taken the leap and are becoming your own boss. Now gather your team and let’s get down to business!
Matthew Fornaro, Esq.
Mr. Fornaro is a Business Law Attorney based in Coral Springs who specializes in all aspects of business law, from formation to litigation. He has been in practice for fourteen years.