Starting Your Business
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.
Determining the business entity
The business must also 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 and, depending on the nature of the business, may need to formally register with the Department of Regulatory Agencies. The owners may also need to apply for licenses or permits to carry out the business’ activities. 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 worker’s compensation and establish 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. The Thode Law Firm has the knowledge and the expertise necessary to help you identify critical issues, avoid common pitfalls and make the most of your business’ launch.