
Starting Your Business


Is starting your own business right for you? Are you ready?
The fact that you have always wanted to, does not mean that you are cut out to open and manage your own business. Running a company requires entrepreneurial skills in addition to technical skills. If you like the idea of having a sign inscribed“The Buck Stops Here" on your desk, then starting your own business could be the best decision you ever made. Even so, proper preparation is essential to your success.
As you consider stepping out on your own, give careful consideration to all of the unique factors involved in running a company. Use your common sense and logic as your move through the decision-making process. Don't try to do it all on your own. Talk to other business owners, and use the right professionals, including accountants, business consultants, and technical consultants to help you. And, before you do anything else– call us.
Learn MoreThe fact that you have always wanted to, does not mean that you are cut out to open and manage your own business. Running a company requires entrepreneurial skills in addition to technical skills. If you like the idea of having a sign inscribed“The Buck Stops Here" on your desk, then starting your own business could be the best decision you ever made. Even so, proper preparation is essential to your success.
As you consider stepping out on your own, give careful consideration to all of the unique factors involved in running a company. Use your common sense and logic as your move through the decision-making process. Don't try to do it all on your own. Talk to other business owners, and use the right professionals, including accountants, business consultants, and technical consultants to help you. And, before you do anything else– call us.
Entity Selection
Financing
Real Estate Issues for Startups
Intellectual Property
Contracts
Employment Law
Financing
Real Estate Issues for Startups
Intellectual Property
Contracts
Employment Law
Business Planning
While every business starts with an idea, and many start with great ideas, not all business succeed. The challenge is to build a company that does more than sell a product or provide a service. And, the challenge is more than building a profitable business.
The ultimate challenge is to build a business that you love.
If you are going to succeed by building your ideal business, you must know where you are starting, where you want to be, and how you will get there. To do that, you need a clear, well-defined, guide.
That guide is your business plan. Think of the plan as your business' Global Positioning System. In fact, if you are serious about reaching your long-term goals, your business plan is the best tool that you can have.
The business plan describes your operation in detail. It defines how you will operate, your marketing strategies, the nature of your competition, and your financial structure.If you are going to succeed by building your ideal business, you must know where you are starting, where you want to be, and how you will get there. To do that, you need a clear, well-defined, guide.
That guide is your business plan. Think of the plan as your business' Global Positioning System. In fact, if you are serious about reaching your long-term goals, your business plan is the best tool that you can have.
The problem with business plans is that sometimes they become larger-than-life. If you read any book on how-to-start-your-own-business, it seems that the business plan is the key to fulfilling your ultimate destiny. Conventional wisdom will lead you to believe that your business plan is supposed to be the panacea for all of your business matters — a true miracle. And, like any miracle, the ideal business plan is nearly impossible to find.
Well, if the true business plan is as mythical as the unicorn, why bother? In the words of Dwight D. Eisenhower, “[I]n preparing for battle I have always found that plans are useless, but planning is indispensable." The same holds true for your business. The business planning process is essential. It forces you to take the time to form a vision of your entire operation, from the type of entity you will use, to the type of building you will occupy, to the kind of printers you will buy. You will determine exactly how much you need to collect in order to pay your bills, and you will figure out what events will signal the end of the road.
The resulting written business plan will be useful for two reasons. It will describe the fundamentals of your business idea and it will provide the financial data to show that you will make good money. It should also address all of the major elements of the company's operation, outline its specific goals and objectives, and show which strategies and tactics are necessary to reach those goals.
Whether or not you need to raise money to start your venture, preparing financial forecasts is essential. The process of making financial projections for your business, including estimated start-up costs, break-even analysis, profit and loss forecasts, and a cash flow projection will help you decide if your company is worth starting or if you need to re-structure your foundation assumptions.
A well-constructed business plan dramatically increases your odds of succeeding and it helps you make money from the start by:
- Providing an estimate of start-up costs and how much you will need to finance or invest;
- Showing lenders why they should fund your company;
- Helping define your market and your market share;
- Helping compete by defining your competition's weaknesses; and,
- Identifying problems before they become disasters.
In short, the business plan shows where your company starts, where it is going, and how it will get there. A good business plan will show you that starting your own company is the right thing to do – or not.
Inc? LLC? What's Right for Me?
Selecting the right business entity for your start-up or small business is one of the most important decisions you will make during the life of your business. There is no one-size-fits-all entity for every type of business and choosing the right business entity depends on several critical variables. When the attorneys at Shoffner & Associates help you select your business entity, we make sure that your choice will help ensure your success.
To choose the right entity, we consider the following:
When choosing which entity to form, the attorneys at Shoffner & Associates will carefully consider all the factors that are unique to your business and they will ensure that you choose the right entity and that your company is set it up the right way. To choose the right entity, we consider the following:
- What your business will do;
- How many key players are involved;
- Who are the investors;
- How will you raise money;
- What is your exposure for liability;
- How will profits be shared;
- What kind of employee benefits will you provide; and,
- What is your exit strategy.
Financing
According to Ted Turner, “Life is a game. Money is how we keep score." Game or not, every new business needs money to get started, and making the right financing decisions is critical to business success. There are plenty of options available for finding money to start a new business or expand an existing one. Most businesses begin with the owner's capital or loans from friends and family. Some are successful in obtaining bank financing or using a government sponsored loan program. The lawyers at Shoffner & Associates know how to help you and your new business choose the right way to get the best financial start.
Real Estate Issues for Start Ups
Well, you landed your first round of venture or “angel" capital. Now you need a location for your business and you find yourself trying to figure out a commercial real estate lease. As a new business, you don't have very much negotiating leverage, and
time and money are at a premium.
The lawyers at Shoffner & Associates can help you make sensible real estate decisions for your start up including:
* Negotiation, preparation, or review of your lease or rental agreement.
* Protection of your rights as a tenant or as a landlord.
* Options to renew, subleases, and assignments.
We can analyze your situation and concerns, and provide you with a clear understanding of your options. Our legal services are designed to help you prevent landlord-tenant disputes from arising and to help resolve such disputes if they do.
The lawyers at Shoffner & Associates can help you make sensible real estate decisions for your start up including:
* Negotiation, preparation, or review of your lease or rental agreement.
* Protection of your rights as a tenant or as a landlord.
* Options to renew, subleases, and assignments.
We can analyze your situation and concerns, and provide you with a clear understanding of your options. Our legal services are designed to help you prevent landlord-tenant disputes from arising and to help resolve such disputes if they do.
Intellectual Property
Darren Dahl tells us “The two most precious resources for any small-business owner are time and money. That's why when the subject of Intellectual property comes up, may owners run in the other direction. They see images of expensive lawyers and use that as an excuse to ignore the topic, reasoning that it is a problem for big companies to worry about."
Don't make that mistake! The lawyers at Shoffner & Associates will help you understand how to protect your intellectual property – cost effectively! Don't waste one of your business' most precious resources. Call us today.
Contracts
Contracts are as vital to a business as the Red Sox are to Boston. A bad contract can stop your business – cold. Knowing your rights and obligations under a contract, as well as knowing what to do in case of a breach, are essential for protecting your
interests.
At Shoffner & Associates we draft and review contracts for clients in business and employment-related matters. Our lawyers will explain the terms and conditions involved in any contract you are considering and we'll show you how it could affect your bargaining power and your business. We'll tell you how to seek damages in case of a breach. Our skilled, knowledgeable, and responsive attorneys will help sort out the legalese of your agreements and make sure that your interests are protected.
We help our clients with every aspect of contracts: drafting, review, revision, and negotiation. We have decades of experience drafting and evaluating any type of contract that your business requires.
Contact a contract attorney at Shoffner & Associates. Our lawyers' mastery of contract law will help keep your company running successfully.At Shoffner & Associates we draft and review contracts for clients in business and employment-related matters. Our lawyers will explain the terms and conditions involved in any contract you are considering and we'll show you how it could affect your bargaining power and your business. We'll tell you how to seek damages in case of a breach. Our skilled, knowledgeable, and responsive attorneys will help sort out the legalese of your agreements and make sure that your interests are protected.
We help our clients with every aspect of contracts: drafting, review, revision, and negotiation. We have decades of experience drafting and evaluating any type of contract that your business requires.
Employment Law
In today's turbulent economic times, employers face challenges previously unknown to Americans. As demand for products and services decreases, employers are forced to cut costs — and all too often — must reduce the size of their workforce. It is essential
to maintain the rights and protections of your workforce.
Federal, state and local laws protect employees and job applicants against discrimination at work. Workplace discrimination claims can be based on unfair treatment because of prejudice regarding race, age, physical or mental disability, pregnancy, sexual orientation, national origin, or religious beliefs. Your company may face litigation for discriminatory practices in hiring, promoting, and compensating and disciplining employees. Discrimination claims may also be based work assignments, claims for wrongful termination or other forms of employer retaliation.
The advice and representation of a knowledgeable, experienced employment attorney is more important now than ever before to help keep your business running profitably in challenging times.
Federal, state and local laws protect employees and job applicants against discrimination at work. Workplace discrimination claims can be based on unfair treatment because of prejudice regarding race, age, physical or mental disability, pregnancy, sexual orientation, national origin, or religious beliefs. Your company may face litigation for discriminatory practices in hiring, promoting, and compensating and disciplining employees. Discrimination claims may also be based work assignments, claims for wrongful termination or other forms of employer retaliation.
The advice and representation of a knowledgeable, experienced employment attorney is more important now than ever before to help keep your business running profitably in challenging times.