The first step in launching a successful new businesses is to develop a thorough business plan. A business plan identifies the business’ products and/or services, competitors, target markets, pricing, key personnel, break-even projections and timelines as well as many other critical aspects of the proposed business. The business plan also serves as a marketing tool to help obtain financing and to establish key vendor relationships essential to the successful operation of the company.
Next, the business must determine what type of entity is the most appropriate. There are a wide variety of organizational options available in Colorado, each with distinct advantages and drawbacks. Learn more about choosing a business structure.
The business must also obtain a federal tax identification number.
Depending on the nature of the company, it may need to be registered with one or more governmental regulatory agencies or may need to obtain licenses or permits to carry out its activities lawfully. The owners should also determine whether any liability or insurance is required or would be beneficial.
If the business has employees, the business will also need to obtain workers’ compensation and implement payroll procedures. The business should also establish written policies and procedures relating to standards of conduct, workplace rules, anti-discrimination, vacation or sick leave, and termination for cause. The owners should also consider incentives to attract and retain key employees, such employee stock option plans.
Starting a small business is always a challenge, even for those who have well-developed and unique business ideas. Denver Business Lawyers have the knowledge and the expertise necessary to help you identify critical issues, avoid common pitfalls and make the most of your business’ launch. Call us at 303-502-9600 to schedule a free consultation with an experienced Denver small business lawyer. Learn how we can put our experience to work for you.