FORT LAUDERDALE, Florida. Launching your own startup can be a frightening, exciting, and stressful process. According to Yahoo News, having a positive mindset as you launch your business is essential to overcoming challenges, but positive mindset alone can’t resolve some of the toughest challenges that startups face. Business and real estate lawyers in Fort Lauderdale, Florida who work closely with startups to help them navigate legal and regulatory challenges. Here are some keys to startup success, from a business lawyer who has worked with leading entrepreneurs in South Florida.
- Seek Help. While the temptation might be to go it alone, you cannot know all the possible pitfalls you might encounter when launching your own business. Starting your own business is a process that will require you to follow both federal and local laws, employment laws, and other regulations. Having a qualified lawyer on your side who can help you navigate the regulatory side of things can leave you time to focus on what matters—your customers, your innovative product, and your people.
- Incorporate Correctly. According to Forbes, operating your business without a proper business entity in place can put your personal assets in jeopardy should anything go wrong. Talk to a qualified business lawyer about your various options for incorporation. Different entities offer differing degrees of protection. Your business lawyer in Fort Lauderdale, Florida can take you through your different options, the pros and cons, and can help you select the best option for you.
- Get Your Contracts Right. Whether you’re running a small business serving a small group of people, or plan to run a multi-state operation with workers in different states, having enforceable contracts protects both you, your customers, and your employees. Beware using boilerplate contracts downloaded from the internet. These contracts may not always account for specifics relevant to your field or business. A qualified employment lawyer can work with you to develop contracts that will protect you and your business.
- Protect Your Intellectual Property. In our modern economy, ideas often are more valuable than things. If your ideas are the backbone of your business, you’ll want to take steps to protect your trade secrets, customer lists, and business practices. Having employees and contractors sign non-disclosure agreements is one way to do this. Other companies may have employees sign non-compete agreements as well. However, for these agreements to be enforceable, they must be specific and must follow the law. A qualified business lawyer in Fort Lauderdale, Florida can create contracts and instruments to protect your business.
- Have a Plan. Things will change. You’ll need to be agile. But having a road map in place can help you anticipate challenges and keep your goals in the forefront of your mind.
- Be Social. Form relationships and partnerships with other businesses and organizations that can benefit your business. Sometimes helping others out helps too. Join a community, support worthy causes, and get your name out there.
- Collaborate and Give. Promote others. Collaborate with other entrepreneurs and businesses. In the business world, the more you give, the more you can gain.
- Expect to Fail and Learn from It. According to Forbes, as many as 50 percent of all startups will fail after five years. Another 70 percent fail after 10 years. Sometimes failure can teach you something important about what the market needs, or it teaches you that you need to reach out to your community more. Take the time to learn from failure.
- Take Calculated Risks. A new business venture has the advantage that it doesn’t have the weight of tradition or ingrained practices. Your best asset is your ability to rapidly adapt to a changing market.
- Solve a problem. The best startups solve a problem and find an innovative way to address it. Before launching, make sure you are clear on the problem and clear on how you plan to solve and market your solution.
Launching your startup is an exciting time. The temptation will be to move faster than you should. But the most successful and long-lasting businesses, take the time to develop their ideas and launch slowly. One way to protect your business and your success is to seek the advice of a qualified business lawyer in Fort Lauderdale, Florida. Business attorneys in Fort Lauderdale, who work with startup founders and entrepreneurs to help them meet compliance, protect their ideas, and incorporate their businesses properly.