{"id":379,"date":"2013-03-29T12:52:26","date_gmt":"2013-03-29T12:52:26","guid":{"rendered":"https:\/\/radiuslaw.com\/website\/?page_id=379"},"modified":"2013-06-05T18:18:27","modified_gmt":"2013-06-05T18:18:27","slug":"10-things-you-need-to-know","status":"publish","type":"page","link":"https:\/\/radiuslaw.com\/website\/business-services\/resources\/10-things-you-need-to-know\/","title":{"rendered":"Top 10 Things to Know"},"content":{"rendered":"


\n 10 Things You Need to Know<\/span><\/br>Here’s a quick overview of key issues.<\/span>
\n<\/br><\/br>01<\/span><\/p>\n

Failing to Plan is Planning to Fail<\/h5>\n

Before you invest a penny into a business, you should have a written business plan and marketing plan. While you might have a great idea for a business in your head, no one can provide you with meaningful feedback on its strengths and weaknesses without being able to read and study it. The Small Business Administration\u2019s website<\/a> has hundreds of great resources for business and marketing plans, and can even put you in touch with a mentor in your area to help you develop and improve them.
\n<\/br><\/br>02<\/span><\/p>\n

You Need to Have an Exit Strategy<\/h5>\n

When venture capitalists look at investment opportunities, one of their biggest considerations is how they can get their money out after they receive a return on their investment. However, most small business owners never think about their exit strategy. Whether you want to eventually sell your business, make it a publicly-traded company, or merely leave it to your children, a realistic and tangible exit strategy is one of the most important aspects of a business plan.
\n<\/br><\/br>03<\/span><\/p>\n

Prepare for Change<\/h5>\n

Without question, your business will have to adjust to a number of changes in order to be successful in the marketplace. As a result, your business plan has to be able to handle change. If the success of the business completely depends on approving a patent application, obtaining a particular location, keeping an employee, or maintaining a customer, it\u2019s important to insure against the risk of loss and consider potential alternatives.
\n<\/br><\/br>04<\/span><\/p>\n

A Good Name is a Great Asset<\/h5>\n

Most business owners don\u2019t put a tremendous amount of thought into the names of their products or services. However, a catchy, memorable name can make a huge difference in a competitive marketplace\u2014even more so by having a corresponding domain name, facebook and twitter account, and trademark.
\n<\/br><\/br>05<\/span><\/p>\n

Get Others Involved<\/h5>\n

No matter how experienced you are, or how well you know your business, there will be moments when you need advice on accounting, tax, legal, or other matters. If you\u2019re faced with a problem, and there is a potential risk or penalty associated with making the wrong decision, hire a professional. Any expense associated with their advice will very likely save you time and money in the long run.
\n<\/br><\/br>06<\/span><\/p>\n

If It Has Happened to Others, It Can Happen to You<\/h5>\n

No business is immune from problems. No matter how careful you are and how fantastic your products or services are, customers can still sue you, vendors can still breach contracts, and third parties can steal your intellectual property. The issue isn\u2019t whether these or other problems can happen; the issue is whether you\u2019ve put a plan into place to protect your assets and legal interests when they do.
\n<\/br><\/br>07<\/span><\/p>\n

Understand the Difference Between Investments and Expenses<\/h5>\n

Many business owners get into trouble when they structure deals as investments, when they are actually expenses. An investment is an outlay of some resource (time, money, or effort) towards the expectation of profit, while an expense is an outlay of profits to obtain some resource (time, money, or effort) from another. Simply put, if you can\u2019t quantify a rate of return, it\u2019s an expense\u2014don\u2019t let vendors convince you otherwise when negotiating an agreement.
\n<\/br><\/br>08<\/span><\/p>\n

Eventually, the Government (or the Plaintiff) Will Find Out<\/h5>\n

Small businesses frequently don\u2019t follow legal formalities that closely when starting out, like obtaining business licenses or making local and state filings. However, the penalties for not doing so can be severe, including closing your business, subjecting you to fines and imprisonment, or making you personally liable for corporate debts and judgments. When you consider all the risks, it’s just not that expensive to hire an attorney and ensure you\u2019re in compliance.
\n<\/br><\/br>09<\/span><\/p>\n

The Best Way to Win a Lawsuit Is To Prevent It in the First Place<\/h5>\n

You can\u2019t completely insulate your business from every potential lawsuit, but you can take a number of steps to protect your business by incorporating dispute resolution clauses and expressly limiting liability in all your contracts and commercial agreements.
\n<\/br><\/br>10<\/span><\/p>\n

Do Something You Enjoy<\/h5>\n

Nearly all of our clients are as passionate about their businesses as we are about practicing law. We believe this is important, since passion leads to energy, energy leads to momentum, and momentum leads to success. While there are no guarantees in life, or with any business venture, we find that people who truly enjoy their businesses tend to succeed far more often than those who don\u2019t. If you\u2019ve found something that you enjoy doing, and you need help with structuring, financing, agreements, or intellectual property, we\u2019d love to talk to you. Give us a call at 704-325-9325 to schedule a consultation and get started.
\n<\/br>
\nAuthor: Nathan Workman<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

10 Things You Need to KnowHere’s a quick overview of key issues. 01 Failing to Plan is Planning to Fail Before you invest a penny into a business, you should have a written business plan and marketing plan. While you might have a great idea for a business in your head, no one can provide […]<\/p>\n","protected":false},"author":5,"featured_media":0,"parent":68,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"yoast_head":"\nBusiness Law Guide: Top 10 Things You Need to Know<\/title>\n<meta name=\"description\" content=\"The top ten things you should know before starting a business and contacting an attorney. 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