Business Planning Lawyer Serving Entrepreneurs & Businesses
Are you a business or an entrepreneur who is looking to launching your own company?
Do you have a brilliant business idea but need help roadmapping and strategizing your business plans? Before launching your company, it is essential to strategize your goals and the plan for reaching those goals.
What is a Business Plan and do I need one?
A written business plan is an essential roadmap for business success. A business plan gives you both a roadmap and a timetable for where you want to go and when you hope to get there. The plan gives you a tool to measure your progress and to spot small problems before they become big problems.
An effective business plan must include useful information such as the nature of the company and its business, markets, and technology, the size of the market, the financial goals of the venture, amount of capital needed to achieve these goals, and how the capital will be spent. The business plan should also include such information such as the competition, the barriers to entry, and any research into projections.
Preparing a written business plan forces you to consider and evaluate your strengths and weaknesses, your resources, and where you need to obtain additional resources. A competent business lawyer can help you create a business plan in order to achieve your business' highest potential.
How can a Business Lawyer help you with your business?
A competent business attorney can help you strategize and plan the following aspects of your business:
Before launching your business, it is important to research your business market, industry, and competitors. This should include information about your target market. A description of your industry is also really crucial, as well as a description of the current industry, its growth rate as well as other characteristics that define your industry.
Market analysis should also include an analysis of your competition including the scale of the market share you hope to achieve, your strengths and weaknesses, any barriers that may hinder your success in the market, or any regulatory restrictions that you would have to comply with. A skilled business lawyer can help you strategize your business market and industry before you start your business.
Organization & Management
Every business is structured differently based on its organization and management. The owners and the various independent associates that work for a business should know their roles and responsibilities for the company. Further, the details of ownership should be laid out in writing before any issues of ownership may arise.
The following information should be included in your business plan: identity of owners, percentage of ownership, each person’s roles and responsibilities in the company, forms of ownership (i.e., common stocks, preferred stock, general partner, or limited partner), and primary authorities granted to each owner. An efficient business lawyer can help design your organization and help set up your business entity.
Service or Product Line
You need to explain what products or services you plan to sell and how your product or service is distinguishable from the other products or services on the market. You also need to explain what benefits your clients will receive from buying your product or service.
You should be specific about the benefits of your product or service. You should also research into any intellectual property issues that may arise and whether you will be infringing on someone else’s copyright or trademark rights. A competent business attorney can help you tell the story about your product or service which is essential to success.
Marketing & Sales
Every business plan needs to explain how you plan on marketing your product or service in order to achieve the greatest success of your sales. How you market your product or service will have great impact on the overall success of your sales.
Your marketing strategy should include how you plan on entering the marketing and selling your product or service to your customers. This part should also include how you intend to advertise and promote your product or service to the general public. Will you include a sales team or will you rely on word of mouth to sell your product or service? A business lawyer can help you strategize your marketing and sales plans.
Every business needs funding. But you need to plan out your financial goals and projections so you would not find yourself in a financial hole. A finalized financial data about your business will include historical financial information for the length of time you have been in business. Your company’s business balance sheets and cash flow statements should be gathered and analyzed to help you focus in your future business endeavors.
Further, all businesses are required to provide prospective financial information. Creditors and financial institutions will expect to see your future financial projections in detail. Ultimately, every business should also include a short but efficient analysis of your financial prospects. Pictures and videos are always favored over numerous pages of financial projections. A competent business lawyer can help you plan and create your financial projections to illustrate your trend analysis.
Stand Out From the Rest
Most importantly, every business needs to stand out from the rest. Setting yourself apart from your competitors will warrant your customers to buy from you. When starting a business, be sure to determine what makes your business unique. You should focus on your customers and ask what benefits they see in your product or service.
The best way to stand out from the rest is to identify your niche and be specific about what product or service you plan to sell. By conducting a successful research on the market, you will be able to tap into your potential customer’s needs and reap the rewards. A competent business lawyer can help you determine your unique leverage so you can stand out from the rest of the crowd and give you an advantage over your competitors.