Where To Focus When Building a New Business (1/3)
When it comes to starting a business, we all struggle with a bit of over-stimulation. From website design to hiring, tax documents to business cards — there are SO many things that need our focus and it can feel daunting!
When it comes to business focus, we find it helpful to do a little research and make a list. Get your priorities in an attainable order and schedule. Set yourself up for success by planning ahead and eating that elephant one bite at a time.
Not to exhaust the animal metaphors, but in other words: Get your ducks in a row.
So where should those ducks start? How should they line up? Where should they swim? How should they quack?
In the next few blog posts, we’ll be sharing how to do just this and where exactly to place your focus as you begin building your business.
For today, let’s discuss the starting line of focus as you get those ducks in a perfectly organized row!
LEGAL.
Before you even fantasize about that first sell, your attention needs to be on the legal aspects of your business.
Let’s break these down.
1. Intellectual Property
It’s easy to skip ahead to the name and website of your business, but taking the time to protect yourself will save you potential devastation down the road.
Consider your name, your product, your ideas, your voice. What needs to be covered? If some part of your intellectual property was stolen, how would it affect your business? Your mental health? Your time and money?
Find out in advance whether you need trademarks, patents, or copyright protection and take it seriously. It may feel over-zealous or tedious but it will save you headaches in the end!
2. Taxes
We cannot stress this enough: Get your taxes IN ORDER!
With growth comes interest from Uncle Sam. Taking the time now to understand the specific tax laws for your business and payment expectations is crucial. This is when good counsel is imperative. Don’t skimp on a legal professional or accountant. Make appointments and ask questions. Cover every base you can and make sure you know what is expected as your business continues to expand.
3. Employee Rights and Responsibilities
When it comes to hiring, be sure you take some time to hash out employee contracts and expectations. From rights to responsibilities, employees need clarity. Within these contracts, you’re able to list out payment information, benefits, conflict resolution, termination clauses, etc. It’s a foolproof way to protect your organization and your workers, so don’t be afraid to write and review until there’s no question.
4. License Up
This goes without saying, but before you start your business, be sure to get your licenses in order. All businesses have some form of paperwork required, so take the time to research and complete anything asked of you. Getting this little duck in a row will save you from big fines down the road.
5. Account Set-up
Every new business needs its own account where all business money earned goes in the end. For many of us, small beginnings mean pulling from our personal accounts or credit. And while this may work for a while, you’re going to need a separate business account to ensure streamlined financials.
6. Quality Mentorship
It’s difficult to cover everything needed when it comes to legal because all of our businesses vary. The best advice we can give you is to seek advice yourself. Look for quality mentorship. Ask for feedback from business owners ahead of you. Don’t be afraid to request that meeting or send that email. Mentorship is key to any burgeoning industry, and taking the time to open up and be honest about your questions shows humility and growth potential.
Now that you have your legal ducks in a row, it’s time to move on to how those ducks should QUACK. We’ll discuss this in next week’s blog!
If you’re a graphic designer or agency in need of some business advice, Amber would love to connect with you! If you’re ready to take the plunge and begin branding your new business, we’d love to help you with that process! Let’s chat about your needs and come up with a fresh plan to move your forward!