Episode 39 Navigating Your Creative Business During COVID-19
Today’s episode of Law Chat with Girija is to hook you up with a solid legal foundation in your business in all necessary aspects.
Episode Introduction:
Girija Patel shares the foundational knowledge of business planning, legal planning, and financial planning that you need to adopt when starting a business.
Episode Summary:
Girija Patel walks us through the step-by-step process of starting a successful business. Right from brainstorming for business ideas to actually launching a business and covering all the bases, this episode is your ultimate guide to design an intentional and successful business model.
How to Start a Successful Business:
Step One: Brainstorm. Write down the various ideas that you have. Dump all your thoughts on a blank sheet of paper.
Step Two: Integrate your brain dump into a business plan. Conduct market research and format a plan that accommodates your ideas.
Step Three: Research and finalize a business name. Make sure that the name isn’t already being used by another business.
Step Four: Choose what kind of entity your business is going to be based on the risk factor, liability exposure, and tax benefits.
Step Five: Sign up for EIN (Employer Identification Number) that is going to be needed for various purposes such as IRS and Federal Taxation.
Step Six: Get a separate bank account for your business regardless of what business entity you identify as. This will help in keeping your personal and business financial statements separate.
Step Seven: Get any licenses or permits that your business might need in order to comply with the legal structure of your local, state, and federal region.
Step Eight: Get a bookkeeper or a CPA to keep all your finances sorted. You need to make this investment in your business from day one.
Step Nine: If you’re certain about your business’ name and are committed to it, trademark it as soon as possible for added protection.
Step Ten: Get a DBA (Doing Business As) or Assumed Name to let your state know that you are operating your business in the business’ name and not your own legal name.
Action Steps:
Evaluate your business.
Find out your pain points and analyze why you haven’t fixed them yet.
Think about the different business relationships you have and how they can be cultivated for growth.
Actively grow your network by meaningfully interacting with people.
Re-evaluate all your contracts to make sure there isn’t a misalignment in them.
Take a look at your Trademark and Copyright Registrations.
Finally, take a look at your Standard Operating Procedures and fine-tune them to align with your business goals.
Connect With Girija:
Website: https://www.gbplaw.com/
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