Business Lawyer Miami, FL
A Miami, FL business lawyer from Perez Mayoral, P.A. knows that starting a business can be both exciting and scary at the same time. The more preparation you can do before launching, the better chance of success you will have. If you have refined your idea and are ready to move forward, here are the main steps to bring your business to market.
- Market Research
You will want to understand the demand for your product by conducting research. With your market data research results, you can tweak and adjust your approach for the next step. Some factors to consider are:
- Economic environment
- Number of competitors in your space
- Write a Business Plan
There are many online resources to help you develop a business plan. It will serve as your playbook moving forward. Have a clear value proposition on what your business will offer. Think long-term when envisioning your business model. As a Miami business lawyer explains, components of a business plan include:
- Executive summary
- Description and structure of the business
- Market research
- Customer and competitor analysis
- Marketing and operating strategy
- Look for Funding
Most business owners require capital to help get their business up and running. Some resources to use for capital include credit cards, friends and family, small business loans, venture capitalists, angel investors, and crowdfunding. Think outside the box when it comes to securing funding. Funding is the lifeblood of a new business, lacking a reliable source is one of the major reasons a new business might fail.
- Hire a Team
Depending on your business model, you will likely need employees. Think through important roles and write job descriptions. You should also consider what type of culture you want to foster and hire accordingly. One of your first hires should be a bookkeeper if you are uncomfortable with that role. This might be a direct-hire or outsourced to a bookkeeping firm. Accurately tracking financials is critical for any business.
- Grow Your Network
Build a support team for yourself as the business owner. Find a group of local business owners and do not be afraid to ask questions. You might also consider hiring a business coach to help you get off the ground. Successful entrepreneurs often enjoy helping others that are in the position they were once in. Take advantage of the resources available to you and you’ll see your business grow.
- Market Your Business
Once you are open for business, plan on aggressively marketing your product or service. As a new company, you will not have word-of-mouth referrals yet. Get your name in front of the right people through targeted marketing. You may consider working with a marketing firm to help you in this area.
Thorough planning can be crucial to making your business a success. However, do not wait for perfection to launch. Once you have completed the above steps, you can feel confident your business is ready to grow.
Help When You Need to Settle Your Business Disputes
Many people are concerned that when they have business disputes it means that they will need to go to court. The truth is, when you own or operate a business, you should always be prepared for a dispute to turn into something ugly. Having a lawyer on your side earlier in the battle means that if you must go to court you can be as prepared as possible. However, business disputes do not always have to end up in court. It can be most beneficial to solve your problems out of court because:
- You will not be spending as much time away from the office and your case will not need to drag out.
- You will save a great deal of money by avoiding litigation.
If you own a business, you have probably already had more than your fair share of conflict, whether it is between business partners, vendors, or even your employees. No one wants to run a business that is toxic, which is why one of the best ways you can settle disputes that arise is outside of court. You may find that two ways you can settle your dispute are through:
Settling Disputes Through Mediation
When you settle your dispute through mediation, it means that you are bringing a neutral, third party into the matter. This is not dissimilar to those who use mediation in family issues such as divorce. Mediation is a great tool when two parties need to air out their grievances in a safe environment without the pressures that come with litigation. A mediator (not one of your lawyers), will come in and attempt to help both parties involved come to an agreement that works for everyone. That said, the mediator does not have the power to make a judgment on who is right and determine what the outcome must be. Especially in instances where you do not want things brought to the public eye, mediation can be helpful to keep this a private matter.
Settling Disputes Through Arbitration
Similar to mediation, you will not need to go through litigation or take your dispute to court for arbitration. You will be submitting your side of the dispute to an arbitrator–a neutral third party–who will review everything and come to a decision. While you will walk away with a binding decision, you still get the privacy that you may be looking for in mediation. This allows you to plead your case, stay out of court, and have someone resolve your dispute.
When you begin to notice issues coming up at your workplace or are already in the middle of a heated dispute, you should speak with your business lawyer as soon as possible. The quicker you are able to resolve what is going on, the quicker you are able to do what you do best: run your business. If you would like more help understanding the ways a lawyer can help with settling your business disputes, reach out to our team now. For further guidance, contact a Miami business lawyer from Perez Mayoral, P.A. today.