New Year’s resolutions for business owners (of all starting points)

2020 is here. It seems like yesterday that we were worried the Y2K bug would destroy our technology, lives, and perhaps end the world. And here we alive (and hopefully healthy and happy). Similar to the fact we should show love not just on Valentine’s Day, we should work on resolutions not just during the first few weeks of the year. That said, it’s a great time to ask yourself if you are doing everything necessary for the success of your present business, business currently taking shape, and your career in general. Here are some questions to ask yourself. Use the answers to not just create resolutions but specific goals, steps, and milestones.

Current Business Owners

Do I have a business entity that shields my personal liability or if something happens with my business will I have both personal and business liability?

Do I have contracts with clients, staff, vendors, etc?

Are the contracts I have in order? Are they in accordance with current laws? Are the written in a way that is not just good legally, but good for both preventative business law practices and to set forth well communicated procedures with those I work with?

Do I have a mediation clause in my contract in order to make it so that prior to someone suing me in court, they have to mediate first?

Is my intellectual property protected? When I started my business, did I research trademarks to see if I’m currently infringing on another person/company’s trademark? Is whatever I’m creating that is proprietary or creative staying with me as the owner, my client as the owner, or maybe both? Did I reserve portfolio or marketing use for the things I’m creating?

Do I have an employee or contractor or want to hire one? Do I know the difference and why it matters? Do I have the necessary legal procedures and legal documents in place for offering a position to someone?

Will I be a rational unicorn business owner?

New Businesses

Is my side job or hobby a business worth forming an entity for? I’m told that I do business or I don’t, there’s no in between. Am I in business?

Do I have an operating agreement or partnership agreement or a combination partnership operating agreement?

Can I file intent to use trademarks for my brand name and logo now so that when I can show commerce examples I’ve already submitted my applications to the federal government?

Will I be sharing a space, using a co-working space, renting a commercial office, working from home, or something else? Do I have a written agreement in place with the person or company that owns or holds the master lease to where I will be doing work?

Do I have a clear understanding of the overarching things that need to occur to get a business up and running? What am I missing?

Will I be a rational unicorn business owner?