Your Future Business Will Thank You: Part 1

• Published date: 22 March 2023
• Subject Matter: Accounting and Audit, Corporate/Commercial Law, Accounting Standards, Corporate and Company Law
• Law Firm: Stanton Law
• Author: Quinton Johnson

There are several best practices and strategies that will prevent future headaches or entanglements if you set your business up for success by investing on the front end. This investment will most certainly be returned to you exponentially, and these frameworks and understanding will assist in avoiding headaches and future costly mistakes.

Start your Business with The Following Tips

Every business idea is different, but creating a foundation to start a company is universal. Here are a few building blocks to consider when starting a business:

1. Create a business plan with realistic budgets and projections.
   Drafting a business plan is the first critical step to transforming your idea into reality. Meet with mentors or other business professionals to guide you through the process. (hint contact us at Stanton Law!)
2. Set goals and stick to them.
   Setting realistic goals will help you get through the unpredictability of a new enterprise. Consider mapping out short- medium- and long-term goals to reach within the first 12 months.
3. Seek professional legal and accounting advice before you begin the business formation process.
   The key here is timing. It's much more efficient and cost effective to engage with professional service experts before you begin the work. Allocate funds for these services in your startup budget.
4. Choose an entity type that suits the needs of your business's current and future needs.
   Your legal and...