Taking the leap and starting a business is exciting, but it can also be scary. Many individuals who elect to start up their own business in Colorado know that they are taking a risk, as in, they have a great business plan but aren’t sure if it is actually going to equate to income. The reality is, many successful entrepreneurs today started small, formulated their own business, and watched it flop. But, they quickly recovered and got back on their feet only to learn from their mistakes and try it again.
With that said, starting a business can be risky, but worth all of your time and dedication if you plan accordingly and with the help of a professional, such as a business lawyer or Denver, CO real estate attorney as they can help you work out the kinks and be sure you start your business successfully and on the right track. Many of the people who watched their business crumble didn’t have the guidance and advice they needed from the get-go, and had they, perhaps their business would have been more promising.
So, aside from bringing on a business lawyer who can help you decide which type of business you want to start, whether it is an S Corporation or C Corporation or a real estate attorney who can review your contract for a property, you also want to be sure you keep the tips provided below in mind. These tips come from Rohit Arora, who is the CEO of Biz2Credit and are helpful for individuals who are still drafting their business plan or reviewing it to be sure it has the essential components that it needs [Source: Forbes].
These tips can also be useful when you are looking for a lender to help supply you with the startup funds or an investor to help finance your business or run it with you.
- Create an executive summary. This is a one-page explanation that covers your business’s “short-term and long-term goals, operations, marketing plan, and revenue projections.”
- Write a business description. This should explain what the overall goal of your company will be and who your target audience is. It is crucial that you identify this as you want to know who your buyers are so that you can appeal to them and turn your hard work into profits.
- Identify your competitors. It is essential for you to know who you are competing with as they could potentially take your customers and leave your business “blowing in the wind.” Once you do this, it can also help you find a commercial property that won’t be located too close to competition and this isn’t exactly good for business.
- Know your product or service. Write down “how your product or service works and its advantages.” Be sure to include detail as this can help sway an investors mind into putting their money into your company.
- Sales, marketing, and promotion. In order to get the public’s attention, you need to have a plan on how you are going to market and promote your business. Whether you are strictly selling online or are planning on having a storefront, this is a crucial step you must spend time on. For starters, some things you might want to consider writing down are your plans for a website as well as the methods you expect to use to promote via social media.
- Explain who will be running the company and be sure to include their level of experience along with the credentials they have. If you plan on hiring employees, you can also explain this here. It may even be in your best interest to sit down with an employment law attorney in Denver, CO as they can help you draft all the employee forms you will need and be sure your business is in compliance with the Occupational Safety and Health Administration (OSHA) requirements.
- Financial data. Arora says you will want to “provide a break-even analysis and cash flow projections, along with sample balance sheets and profit-and-loss statements.”
- Discuss investments. The lenders you might be requesting money from are going to want to know how much you have contributed to the business.
- This is where you would include any logos you created for the business, “photographs, video links, charts and graphs, letters of reference, and other supporting documents” that show your business is set to soar.
If you have questions regarding your small business or need a real estate lawyer in Denver to review your commercial lease, don’t hesitate to contact Semler & Associates, P.C.
As you know, planning is essential to starting a small business. So, if you need some help with this or simply have questions regarding your business model but don’t know who to turn to, now would be a good time to contact the Denver, CO real estate attorneys at Semler & Associates, P.C. This team of lawyers specializes in business law and real estate, so you are getting all the assistance you need with your business from one place.
Therefore, if you would like to get a consultation scheduled to discuss your company in depth and find out how Semler & Associates, P.C. can help you, visit or call them at:
1775 Sherman Street, Suite 2015
Denver, CO 80203