In our last blog, we discussed some important small business questions that need to be thought about sooner than later to ensure that you’re completing the things that need to be done for the sake of the success of your small business. We’re going to continue with some more business questions that are often forgotten about. Remember, if you’re in the Springfield, Missouri area and searching for a trusted business lawyer, look no further than Brian Loomis. Contact his office today to get started on your partnership together!
How Do I Find Good Employees and Keep Them?
If your small business has grown enough that you need a few employees to help run things, it may take a few tries to find employees who you can trust. Employees work best when they’re given freedom and respect. It can be difficult to hand over the reins, especially if you don’t know the employees well and you’re worried that they might not take good care of your business. Communication is key, so explaining in detail what is expected of them and some important do’s and don’ts will hopefully keep everyone on the same page.
How Can I Protect my Business Name?
Coming up with a good business name is half of the work of starting a small business. Once you’ve decided on the perfect brand and name idea, you may worry that your competitors may steal it, as well as all of your customers and business. To ensure that the name of business stays only with you, your business lawyer can help you submit the correct papers and documentation to copyright, register, or trademark your ideas, logo, business name, and anything else having to do with your branding. Even if you’re not ready to start your small business but you have the brand and name ideas set in stone, it’s best to register those ideas as soon as possible so that there is no threat of infringement on your ideas. You can always consult with your business lawyer if you have questions about your business name or anything else having to do with your unique branding ideas.
What Happens if My Business Grows Too Fast?
This is everyone’s dream, isn’t it? A genius business idea, the perfect business plan, and then it becomes a sensation overnight. While this is the idea that you see portrayed in movies or carried out by great business men, too much growth can put incredible strain on your small business. If you sell a certain product and it suddenly becomes sold out, trying to make more product can become a nightmare and new customers may be turned off by the long wait times. Your website could have too many visitors in one day and crash due to high volumes of traffic. Obviously, you can’t predict the future but it’s important to consider what might happen if your business does happen to grow exponentially overnight.
What Happens if My Business Tanks?
On the other end of the spectrum, you may finally release a product you’ve poured years and money into, only to have few customers and barely any profit. A business lawyer can help you decide what to do in this situation so that you’re not destitute by the end of it. Just as it is important to consider what might happen if your business grows too quickly, you need to think about what might happen if your business falls apart unexpectedly. This is never a desired outcome, but more than 90 percent of small businesses fail in their first year. It’s crucial to the success of your small business to carefully plan for and consider every possible outcome so you’re not blindsided by an unforeseen circumstance.
How Do I Plan Ahead for My Family?
If you’re starting a small business and hoping to hand it down to your children, it may seem like a simple task that can be outlined in your will. However, this is not always the case and you need to talk with your business lawyer about this when you’re in the initial planning stages. It’s simpler to leave a small business to a son or daughter if you started it on your own and are the sole owner, but if partners or investors are involved, things will get complicated quickly.
Do I Really Need a Business Lawyer?
Many people believe that they can plan their business out on their own and don’t require the services of a business lawyer. While they may be able to figure out some things by using the internet or friends who have experience, you can’t get a business law degree or years of experience by reading a few law forums. A business lawyer will save you time, frustration, and money over the years, while making sure that everything that you do is legal and appropriate for your goals and the size of your small business.
Don’t hesitate and contact The Law Office of Brian Loomis today for all of your business law needs. He’s looking forward to speaking with you!