3 Things You Need to Do Before You Start Your Business

Justin Camper • December 29, 2022

Hello Future Business Owner! 


I still remember the day that my LLC was approved. I called my brother who was business partner at the time and said to him, hey business partner! I know it was corny, but it meant a lot to me that day to know I officially had paperwork with my name on it as a business. 


Your experience may be similar or it may be completely different but there are at least 5 things you need to do BEFORE you start your business. I’ve worked with hundreds of startup businesses and I’m hoping with my own entrepreneurial journey, legal experience, and experiences of my clients I can give you some advice that will save you a ton of money and headaches! 


Even though starting a business can be an exciting and rewarding experience, it also requires careful planning and attention to legal considerations.

Here are three things you should do before you start your business:


#1 Create a written agreement with partners or investors.

This is the single most important advice you need to know. BEFORE, you start your business make sure there is a clear agreement in place between you and your business partner. 70% of the lawsuits for my business clients deal with business relations with their current business partner. If you are starting a business with partners or investors, it's important to have a written agreement in place outlining the terms of the partnership or investment. This can help prevent a TON of misunderstandings or disputes in the future. This applies for family member and spouses as well! Oftentimes we think that because someone is my spouse or family member, we don’t need an agreement, WRONG. This could not be farther from the truth! An agreement is not a bad thing, it lays out everyone’s obligations and what happens if they don’t fulfill those obligations. This advice can help save marriages and keep the family table strong during Thanksgiving.


#2 Create a solid business plan

A business plan is a written document that outlines your business goals, strategies, and financial projections. It helps you to think through all aspects of your business and to create a roadmap for success. A well-written business plan can also be useful for attracting investors and securing loans. If you don’t know where you are going, you will likely go somewhere you don’t want to go. If you don’t want to fail in your new business idea, at least create a one page plan to outline how you plan on reaching your business goals. You will not be able to accurately plan out every single detail, but writing down a broad idea of how you plan on accomplishing your goals can help you win big in business. If you need help with creating a business plan, there are a lot of free nonprofits that will help you. For example, check out your local SCORE. SCORE is a nonprofit devoted to giving free business counseling to the community. Look up SCORE.org, find your local chapter, and get plugged in before you officially begin your business. 


#3 Create a powerful TEAM!

You cannot build a sustainable business by yourself! First and foremost, building a team allows you to leverage the skills and expertise of others to help grow and develop your business. No one person can know everything, and having a diverse team with different areas of expertise can be invaluable as you navigate the challenges of starting and running a business. When I started my law firm, I tried to do everything, but it didn’t take long for me to realize there was no way I was going to grow until I figure out how to leverage others to help me achieve my business goal. Every future small business owner, does not want to spend a ton of money hiring the wrong people. However, look around your community for people you can leverage, there are many interns or young people who are looking for an opportunity to gain experience. There are others who may love your business vision and want to be a part of the ride once it grows. This is why it is so important to do have business plan and written agreement with your partners, because it sets the foundation for everything else.


By taking these steps before you start your business, you can help to ensure that your business is in the best position for success. However, no matter what type of business you have, it is ALWAYS a good idea to consult with an attorney to  get advice on specific legal and financial matters related to your business. It is an attorney job to make sure you are legally compliant and well-positioned for success. If you are looking to start a business in Indiana, look no further, Justin Camper Law, LLC specialized in helping business with the legal side so they can make their business dreams stay alive! Just give our office a call at 219-281-6166 to take your business idea to the next level!

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