5 Tips for Before You Launch Your Startup
There's a reason it's called a "startup" and not a "wait and see." You've got your vision, you’ve developed a sound business model with a catchy business name, and you want to take them to market as soon as possible.
While a good business plan is key, before you launch your idea, there are a few legal considerations to consider.
If you haven't started your business yet, you can complete business formation documents from home with simple, DIY options customized for your state
We get it -- entrepreneurs like you want to strike while the iron is hot. Your business idea is sound, you’ve identified your potential customers, and developed the marketing plan and marketing strategies to reach them, including a social media presence. But rushing to launch your new business could have you striking out instead. Before you open your doors, make sure you've taken care of any liability and compliance issues, and make sure your startup is set up for success in its early stages by choosing the right corporate structure. These steps are essential for making sure your entrepreneurship and hard work pay off.
Thought prenups were just for rich couples worried about failed marriages? It turns out that scorned business partners and co-founders can be just as furious. Perhaps startup costs were higher than anticipated, business loans didn’t materialize, or cash flow fell short. Perhaps potential investors and venture capitalists decided to back out. Clear agreements acknowledging who is putting how much time and money into the startup, and how business owners will apportion equity and profits will come in handy in case of a business breakup.
If you came up with a billion-dollar idea for your own business while working on someone else's dime, you might have some concerns about whether you can take that idea with you on your way out the door. You'll want to read any non-compete clauses in your employment contract and any signed non-disclosure agreements before applying your know how to launching a new small business that isn't trading in on your old job's trade secrets.
Entrepreneurs need to know there's a bit more to launching a successful startup than supply and demand. Once you’ve established a business plan, a business structure, and a marketing plan that is well-crafted to reach your customer base, you will need several important documents to ensure success. Operating agreements, articles of incorporation, IP assignment agreements, non-disclosures, and stock purchase agreements can make or break your startup.
Your small business may not need a gaggle of in-house attorneys just yet, but some legal counsel couldn't hurt. Find out why.
You Don’t Have To Solve This on Your Own – Get a Lawyer’s Help
Meeting with a lawyer can help you understand your options and how to best protect your rights. Visit our attorney directory to find a lawyer near you who can help.