With its low taxes and pro-business culture, the Sunshine State can be an excellent place to launch a new enterprise. Starting a Florida small business can provide greater autonomy and open the door for potential income. While operating this type of enterprise can be rewarding, it also can come with certain risks. The good news is that you can help safeguard your small business and support its future sustainability by taking the right steps. Here are 5 ways to set your Florida small business up for success:
1.Work with a Florida Small Business Attorney at Every Stage
One of the most important steps you can take to set your Florida small business up for success is working with an experienced Florida small business attorney at every stage of your enterprise. Having the advice and support of a Florida small business attorney can help you plan for your endeavor and help it become operational.
Once you have opened your doors, your small business attorney can assist you as you undertake various tasks, such as entering into vendor contracts, negotiating lease agreements, and identifying your insurance needs.
It’s also important to work with counsel as the needs of your enterprise change and when unexpected issues arise. A Florida small business attorney understands the laws, processes, and practicalities of owning and operating an enterprise. Your lawyer can help guide you and protect your interest at every stage of your endeavor.
2. Adopt Consistent Accounting Practices
Finance and accounting are important aspects of operating a Florida small business. Ideally, you will have identified financial resources and an accounting plan in place before you open your doors. If these areas are lacking, now is the time to shore them up by asking questions such as: Is there an emergency fund or financial backing in place? Do you plan to use a cash or accrual accounting system?
Most small businesses will need time to become profitable, and it’s important to have measures in place to address this possibility. Likewise, careful accounting can help you evaluate your financial health and plan for the future.
3. Be Careful with Contracts
Small businesses often rely on contracts to operate their enterprise. These essential documents can create certainty and support an entity’s growth and needs. However, they also have the potential to create conflict and lead to disputes. Therefore, when reviewing or drafting contracts for your small business, it’s in your best interest to do so with the advice and guidance of an experienced Florida business attorney. Your Florida business attorney will understand contract law and can help you develop, draft, and negotiate these essential legal instruments for your small business.
4. Delegate and Retain the Help of Others When Needed
For some Florida small business owners, it can be difficult to allow others to take on responsibilities for the enterprise. While it’s understandable for an owner to do a lot of the work for their own business, it’s important to know when tasks should be delegated. If there are aspects that are beyond your expertise, it may be better for the business to delegate them to another. For instance, you may be a restaurant owner who understands several aspects of running this type of business but who may not have accounting and human resources experience. Under these circumstances, finding other employees or professionals to assist with these areas may be beneficial. In addition, when an owner tries to do it all themselves, they run the risk of being overwhelmed and exhausted. Sharing some of these responsibilities can free them to focus on equally important tasks that support their enterprise.
5. Consider Using Employee Contracts
Another way to set your Florida small business up for success is by using certain employee contracts. A small business may find it useful to use confidentiality and non-compete agreements with their employees. You and your Florida small business attorney can examine the necessity of these types of employment contracts and determine if they will support your business’s needs.
Contact an Experienced Florida Business Lawyer
Attorney Richard Sierra at the Florida Small Business Legal 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.