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Phoenix, Arizona, Business Law Blog

4 important points to know before starting a business

The process of starting a business is more than just thinking of a cool idea and opening up shop. There are many things that you need to do before you help your first customer. You probably know the basic information like making sure you have the appropriate licensing, if applicable, and making sure that your business plan is in place, but there is more to it than this.

If you are trying to decide whether starting a business is the right thing for you to do, think about these points:

  • Your product or service must serve a need in your community. This ensures you will have a customer base that can support your business.
  • Be prepared to train employees. Even if you are a single person show right now, you will eventually have to hire people if the business grows. Prepare for training these individuals by coming up with a list of ideals and other information about your business. These employees will be the first line of contact with your customers, so they should accurately represent your company.
  • Distance yourself from the company. It is easy to become enthralled in the daily operations and then forget that you need a life outside of the business. This is especially important if you have a family at home that wants to spend time with you.
  • Money is important, but be careful where it comes from. The goal of a business is to have a positive cash flow. While this might not happen in the early months of the company, the goal is for it to support itself and you.

Thriving in commercial real estate in the digital age

Whether you are a resident of Arizona looking to purchase commercial real estate or a Canadian investor seeking properties in the U.S., you may have many questions about how to begin the process of investing to maximize your potential for success. This is an especially challenging prospect because of the impact technology is having on brick-and-mortar business entities.

More retail stores are responding to the online shopping trend by closing their buildings and expanding their online presence. In fact, during the holiday season you may be part of the 96 percent of consumers who admit to shopping on websites instead of going out to malls and shopping centers. Additionally, many businesses take advantage of technology by allowing their employees to work remotely from home. With these factors, you may have to think creatively to keep your commercial properties viable.

Plan for your family and your company after you pass away

Taking care of your family when you pass away is a primary concern of most adults. When you own a business, you have to ensure that the business will also be taken care of. This is especially true if you want the company to provide for your family members. Your estate plan needs to address both of these areas of your life.

We know that it isn't easy to think about the end of your days; however, you will find that being able to set things up now gives you a sense of peace that allows you to enjoy your life. You don't have to worry about what is going to happen when you pass away. By setting up your estate plan now, you are making a way for your family members to be able to focus on the emotional healing process that comes after the death of a person they are close to.

Home builders must comply with contract terms

The start of the home building process is meeting with the builder to get an outline of what is going to happen. You will have to sign a contract. Buried within this contract is usually a timeline for the project. There will also be information about what you can do if the project isn't complying with the term of the contract.

When everything is on schedule and going as it should, you might be able to sit back and relax. However, sometimes, things go awry in this process. A project that has been on time might be suddenly running behind. Other things might not be done like they should. When this happens, you might have to take legal action to invoke the remedies that are offered in the contract.

What are mediation and arbitration for real estate disputes?

Commercial real estate transactions are often very costly matters. Both sides of the matter have to ensure they are doing everything in accordance with the contract that is signed by them. When there are disputes or disagreements, finding a resolution becomes a priority.

For some disputes, using arbitration or mediation can help to come up with a solution faster and for a lower cost than going through court. If you are in a position where you need to come up with a resolution for a commercial real estate dispute, you should ensure you fully understand what's possible with arbitration and mediation.

Have you considered your new company's insurance needs?

Have you considered your new company's insurance needs? That may sound like an advertisement for an insurance company, but new business owners here in Arizona and elsewhere need to consider this question before opening their doors. You probably took the time to carefully consider issues such as the right entity structure and the right location for your business in order to give it the best possible chance at success. Why wouldn't you think about what types of insurance your business would need to succeed as well?

Any number of things can go wrong, and preparation is key in weathering those storms. So, what types of insurance could you obtain and which ones does your company actually need?

Parts of an estate plan can go into effect before your death

As a busy adult, you probably don't relish the thought of adding anything else to your schedule. There is one thing that you need to think about adding to it today: estate planning. It might seem as though you have plenty of time to get this done; however, you just never know when something will happen that will require parts of it to be put into effect.

Some people don't realize that there are components of an estate plan that can go into effect before they pass away. Your powers of attorney and advance medical directives are two that can be used even while you are still alive. These provide instructions about your wishes and names a person to make decisions in your stead if you aren't able to do this for yourself.

Business formation type is an important consideration in the plan

Forming your business is a big step. It is imperative that you have everything in order before you open the doors on the first day. For some individuals, this is a big undertaking. We know that you might not have all the answers you need about what options might become available to you, including the legal protections and benefits that you are seeking. We are here to help you evaluate the options so you can act.

Some types of businesses have a lot of rules and regulations to follow. For example, an investment company needs to ensure that they are complying with all regulatory compliance points. A health care entity would need to have specific protections based on the type of care provided.

Breach of contract is a serious matter

Companies that enter into a contract are expected to abide by the terms. Unfortunately, there are times when one side won't do what they are supposed to do. This is considered a breach of contract, which can lead to legal action.

Businesses should always ensure they fully understand what obligations they have when they sign a contract. Everything in the contract, including specific actions and time frames, must be complied with. Typically, a breach of contract lawsuit isn't going to come about when just one issue creeps up. Most of the time, the company that isn't breaching the contract will try to work things out with the other company.

Are you a business owner worried about client poaching?

As a business owner, you know that it is important to keep your clients and customers happy. If your patrons are unhappy with the service or product you provide, you may lose those clients to another company.

Of course, simply getting the job done or providing a product that the clients are looking for may not be enough to keep them coming back. In fact, another person or entity could attempt to convince your current clientele to use another business instead. In some cases, this act is known as client poaching.

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