A Checklist To Starting Up Your New Business
At The Quattro Firm, L.L.C., we understand that starting up a business can be quite a challenge. Gathering the correct documents and finding the right professionals can become a stressful task, but with a little preparation, you can handle your business launch with ease and grace.
As experts in corporate, commercial, and business formation laws, we’ve created a handy checklist to help you complete your legal and business obligations in no time. Follow our checklist to starting up your new business to know exactly where your focus should be so that you can strike while the market is hot.
1. Consult an attorney.
Interview and consult with an attorney to find out how they can help you create and manage your new business. The right attorney can make the process easy from registering your business, registering your DBA, providing registered agent services, creating your operating agreement, managing your business plan, and much more.
2. Create your business model.
What kind of business do you want to create? What different advantages will an LLC, LP, partnership or other entity create for you? What are the liabilities and problems with each? Consider these aspects while preparing your business model.
3. Research your business name.
Can you use the business name you thought of without legal trouble? Are there any similar names registered or any other websites devoted to your name? Check to make sure there aren’t, or you could end up with an infringement case on your hands directly after launching your business.
4. Create a business plan.
Decide who will be working with you. What responsibilities will be assigned to each person? Are you going to take orders? How will it be structured? This way you know what your specific legal requirements are.
5. Set your goals.
Do you expect to be up and running in six months or one year? What do you expect to happen for your industry within that period? It’s much easier to prepare a business plan with your goals in mind.
6. Prepare for payments.
Will you take credit cards? How do you plan to process those payments? Will you have any apps for payments? Make sure you have this sorted before you launch your business to prevent inconveniences for your clients.
7. Think about your online presence.
Who will manage your website? How will it be hosted and where? Will you have a social media presence? If so, who will manage it and what will they post? How often do you want them to post? All of this matters if you want to stay current online.
8. Choose a bank for your business.
At which bank will you be setting up your corporate accounts? What are the advantages and incentives at that bank? What kind of accounts will you set up? Pay attention to these details to ensure you have the right banking instruments to run your business.
9. Prepare your documents.
What kind of corporate documents will you need, an Operating Agreement, a Partnership Agreement, or something else? Also, will you need contracts for customers, non-competition agreements for your staff, an employee handbook, and employment agreements? Check with your lawyer to be sure your legal documents are prepared accurately.
10. Find an appropriate insurance cover.
Will you need a keyman policy? Will you offer disability insurance or life insurance to your officers or directors? Will you be required to offer health insurance? What companies offer the best rates and incentives? Most firms and businesses today, need to have insurance coverage for their business and their employees in accordance with the law. So, be sure not to overlook this step.
11. Identify your staffing needs.
What kind of specialists do you need? Will inexperienced staff do? How many corporate officers will you need? What sort of titles will they have? What kind of control over your business will they have and what will their responsibilities be? Also, what means of recruitment will you use? Will you advertise on social media for jobs or other websites? Strategize your approach to make sure you get the best results.
12. Choose an efficient promotion channel.
How will you advertise your business? Will you plan for bus ads, print ads, social media, or online ads? Or, will you use other unconventional means? Do a bit of research to see which is the best option for you based on your needs, budget, and industry.
If you have any concerns about the specifics we’ve mentioned above, or beyond this list, feel free to reach out to us at, The Quattro Firm, L.L.C. We are dedicated attorneys in West Palm Beach, Florida, and we aim to understand your whole needs to aid you with your legal requirements better. With a full picture of your expectations, we can educate you and advocate with compassion for your success.