The Six Stages
Last updated: 2021-05-31 (originally published on 2017-06-20) — by Alex Tanglao
Starting a new business is an exciting prospect. Working for yourself, turning your ideas into reality, and making your own money has motivated many to take the entrepreneurial route and set out on their own. In the excitement of launching a business, obvious legal issues can often be overlooked that later derail an otherwise well-thought-out business plan.
Putting in place basic legal documents protects the interests of your business, as they help to set out clear rights and responsibilities. Written legal agreements are a great way to create clear expectations and therefore help to avoid conflicts. For an entrepreneur or business owner, tackling your legal needs can seem daunting, but it doesn’t need to be.
Not sure where to start? Just read on. We’ll explain the six different stages every startup goes through. Learn the secret of how to get started quickly.
When starting a new business, you will need to decide the type of business structure that will be used to operate your business and, if relevant, where you would like to incorporate your company. Some countries are easier than others. Different countries also offer different tax schemes. Be smart in deciding how and where to incorporate!
Make sure you own your trade mark and you maintain and protect it after registration. A trade mark will be one of your most valuable commercial assets if you manage it well.
Your business will not be able to grow without funding. Learn what methods are available, what documents you need, and what is the best way for your business to start raising capital at an early stage
When growing your business, you will need to hire a team. Employment law is complex, so make sure you are in line with legal regulations.
There is a wide range of contracts that need to be used regularly in the course of doing business, including before you enter into a commercial relationship, when you sell goods or services, or when you expand or decide to terminate a collaboration.