Opening a small business usually means devoting most of your time, energy, and resources to its success. While focusing on day-to-day operations is important, it’s also essential to consider how to safeguard your enterprise. Here are five ways to protect your Florida small business.
1. Work with a Florida Small Business Attorney
When starting a small business, added expenses can be a concern. Identifying ways to spend wisely and save is important. However, cutting costs should not include legal advice. Working with a small business attorney is one of the most important investments you can make in your growing enterprise. Your small business lawyer can help you plan for and protect almost every aspect of your entity. They can also help identify and develop ways to support your business’s success now and in the future.
2. Do Your Due Diligence
In addition to working with a small business attorney, protecting your business will require that you do your due diligence in several areas. This may include potential agreements, renting commercial space, buying assets, hiring others, and other vital areas. It’s crucial to take the time to thoroughly evaluate other parties, property, acquisitions, transactions, and other important details related to your business. Your small business attorney can help you determine the best ways to complete due diligence and protect your venture.
3. Think About Your Long-Term Goals
Opening the doors of a new operation can be exciting. However, once your enterprise is up and running, overseeing daily operations can be an involved process. When your primary focus is on meeting your business’s day-to-day needs, it can be easy to overlook long-term plans. However, balancing and preparing for your enterprise’s present and future requirements is vital to creating a sustainable enterprise. Your small business lawyer can help you develop a long-term strategy to support and protect your entity’s growth now and in the years to come.
4. Have the Right Insurance in Place
In business, insurance is an area that can sometimes get under-prioritized. However, having the right insurance in place is essential to protecting your entity. You will want to insure according to your type of business and how and where you operate. Additionally, it will be important to acquire the right amount of insurance. You will also want to consider your potential risks. For instance, if you have a commercial space with a retail front, you will want to ensure you have adequate personal injury and property coverage. You and your small business attorney can discuss your potential liability and identify the type of coverage you need to protect your enterprise.
5. Make Sure Your Contracts are Working for You
Business contracts are often the backbone of a growing venture. When they are well-drafted, these documents can help create certainty and protect your interests. By contrast, when they are not carefully created, these agreements can be disastrous and expensive to remedy.
The majority of lawsuits against small businesses will concern breach of contract issues. The best way to protect your small business from contract-related litigation and other issues is by working with a small business attorney throughout the contracting process. Your lawyer will know how to review proposed agreements and draft the right language to protect you and your small business.
Contact an Experienced Florida Business Attorney
Attorney Richard Sierra at the Florida Small Business Center assists clients like you with 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 small business 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.