Small Business Tips: What You Should Know

small businessReady to begin your small business? Do it right and avoid lots of time and money spent fixing your mistakes. Per the U.S. Bureau of Labor Statistics, over 20 percent of small businesses in the U.S. end up failing within a year. After five years, around 50 percent fail and after a decade, only 30 percent are still running. It’s not an easy feat, but there are simple tips and strategies you can use to be one of the few businesses that can endure.

By following these tips, you can ensure you create a successful small business:

Have a System, not a Product

Everyone can make a burger equal to or better than McDonald’s. So why aren’t there more giants like McDonald’s? It’s the system that makes a small business successful. The system involves production, distribution, hiring, structuring, marketing, etc. Many people mistake an idea for a business model. Know your product, precisely how you’ll create it, how you’ll let people know about it, and how you’ll get it to them.

Hire the Right People

Once you have a system in place, you’ll need qualified people who can run it. If your system is incapable of running in your absence, your system is broken and needs attention. Hiring qualified people to operate your system ensures your system can remain operating even without your presence. After all, one of the perks of being your own boss is doing things on your time – that includes vacation, or the ability to step away when sick. If you don’t hire the right people to run your system, you’ll find yourself working in your business, not on it.

You didn’t take this risk just to buy yourself a job, did you?

Build the Right Team

Your team is critical to success – no one does this alone. Once you’ve perfected your system, build your team. No matter your business, a good certified public accountant (CPA) and lawyer are critical to success. A CPA will keep your books straight and the IRS off your back, but a good attorney will offer a much wider arrangement of benefits.

How an Attorney Can Help

Filing your business with the state of Florida, getting your EIN (basically the social security number for your business), becoming a registered agent for your business, which allows you to keep your private address off record – an attorney is a massive asset for any aspiring small business owner.

Espinoza Law Offices have been helping small business owners like you navigate the complexities of the legal system and ensuring its clients are always on the right side of the law. They offer legal advice for business contract and can help create business law contracts Lakeland.

These Polk County business lawyers are some of the best at your disposal. So, if you’re looking for business law attorney Lakeland Florida, or a business immigration attorney to help ensure you’re establishing your business the right way, Espinoza Law Office can be an important first step to your American Dream. Small business can be complicated enough – when you consider the additional complexities of navigating the US’ immigration system, you can understand the importance of having a true expert in this area to help guide you.

The Right Attorney – The Difference

Many small businesses will fail simply because of a lack of understanding regarding the legal landscape of their industry. Do not make this mistake. If you’re calling an attorney when there’s already a problem, you run the risk of already being too late to solve it, at least inexpensively.

Click here to find your ideal business lawyer Lakeland Florida