Building a small business can be a rewarding experience. Like many entrepreneurs, you have probably devoted a great deal of capital, time, and energy to your endeavor. Opening your doors is a good beginning, but you will also want to take steps to protect your new enterprise. The good news is that are actions you can take to support your small business. Here are 5 things you can do to strengthen your small business.
1. Set Realistic and Achievable Goals
Opening your small business may have been your first goal. Now that you are operational, it will be important to establish your short and long-term business goals and identify the steps you will be taking to meet them. For instance, you may have a long-term objective that includes earning millions in net income and becoming a franchise. However, depending on your capital and circumstances, that objective may be years away. You will also want to establish realistic and achievable goals for the first quarter or year and have methods in place to evaluate your progress.
2. Review Your Existing Agreements
As you set up small business operations, you may have entered into multiple contracts and agreements. Before moving ahead, you will want to take the time to examine these documents and ensure that they support your operations. If you worked with an experienced small business attorney during negotiations and drafting, your agreements may already be sound. However, suppose you signed something in haste or without the benefit of counsel. In that case, you should evaluate your agreement with a small business attorney as soon as possible to determine if there are any potential issues.
3. Rent Commercial Space Wisely
In business, where you set up your operations can have a significant impact on your bottom line and future expansion. Therefore, it’s well worth it to take the time you need to shop for a suitable space. After identifying the right property, you will want to protect your interests while negotiating the lease. You will also want to do your due diligence on the area and landlord. You will also want to negotiate and review any potential lease terms with the help of an experienced small business attorney.
4. Keep Accurate and Complete Documentation
When you are running a small business, the focus tends to be on meeting the operation’s day-to-day needs. Paying attention to daily activities is important. However, it’s also essential that you document your activities and keep accurate payroll and tax-related records. Additionally, you will need to be aware of the documentation that you are legally required to maintain.
5. Protect Your Intellectual Property and Information
When you opened your business, you may have done so under a unique brand or logo. You may also have proprietary practices in place. You will want to take steps to protect your brand identity and confidential business practices. You may need to get trademark and copyright protection. Likewise, you may also need to have your employees sign confidentiality and non-compete agreements.
Work with an Experienced Florida Small Business Attorney
The best way to protect your small business is by working with an experienced Florida small business attorney. Your counsel can help you with these and other areas that can strengthen your small business.
Contact an Experienced Florida Business Lawyer
Attorney Richard Sierra at the Florida Small Business Center assists clients like you with commercial leasing, business, and litigation matters. As always, Our Goal Is to Help You Succeed™. For an appointment, you may call us at 1-866-842-5202 or use the contact form on our website. We represent clients throughout the State of Florida, including Coral Springs, Coconut Creek, Boca Raton, Delray Beach, Pompano Beach, Sunrise, Fort Lauderdale, Miami, West Palm Beach, Jupiter, Deerfield Beach, Stuart, Port St. Lucie, Orlando, Naples, Fort Myers, Sarasota, Tampa, and surrounding communities.