Lucy Kirschinger is an attorney at Attorney Consumer Counseling. She graduated from John Marshall Law School. Kirschinger has litigation experience in foreclosure, condominium law, real estate, business transactions and other numerous areas. During Kirschinger’s career, she has been involved in several pieces of litigation. Kirschinger shares her expertise and experience in the field of law and offers business tips for small business owners.
“A great idea requires a great business plan. Benjamin Franklin once said, ‘Watch the pennies, and the dollars will take care of themselves.’ This is especially true when you are embarking on a new business venture. Most businesses fail because they go into a business blind as to each aspect that is involved in their new business. Throwing money at a business will not guarantee its success. You must intimately know where each penny of your investment is going before you can calculate whether or not you are making a profit. A good business plan may also help you obtain financing. The U.S. Small Business Administration can help guide any small business owner to design a business plan that meets bank or financing guidelines.”
“Where will you advertise? Will your advertising dollars involve any particular media, such as on-line, newspapers, TV or social media? If you intend to advertise on your building, then you must inquire if you need to satisfy any permit or zoning requirements.”
“Will you have employees? If yes, what will be your taxing responsibilities with the state and federal government? Will you offer benefits or will your employees be independent contractors? Does your state require notifications upon any hire? Will you have an employment policy? Who will be the ultimate decision maker with regard to employment policies?”
Understanding the many legal aspects involved in creating a small business will help ensure that your business is on a firm footing and ready to face explosive success.
This article was written by Michelle Guilbeau for Small Business Pulse