Every entrepreneur has best practices. Things we highly recommend doing. In this article we’re going to cover the 5 best practices for a Massachusetts startup and how you can take immediate action on them.
Do the work on these because the results and the long term payoffs can be incredible when starting a Massachusetts business.
Writing a business plan might be the first thing that comes to your mind when starting a business in Massachusetts. But stress can quickly follow.
The process of planning a business can be incredibly intimidating, especially if you have never done it before. Be sure to take advantage to tools and resources at your disposal that make your life easier when planning for success. (LivePlan is a Startup Savant favorite)
Another best practice involves being savvy. The internet has a wealth of free resources to help you get started as a business owner.
Here are 3 great example resources to help you start off on the right foot. (Note: I’ll cover more free resource in the following best practices)
When you’re able to incorporate in Massachusetts with the right business structure, you’ll be avoiding a ton of future legal fees and hassle.
If you haven’t already, you should determine what business structure is best for you.
Then, make it official by following the guide that goes along with that business structure below:
Although you are not required by law to create an Operating Agreement, it’s highly recommended that you do.
Your Operating Agreement will cover the ‘ground rules’ for how your business will operate, who owns what, who is responsible for what tasks, and more.
By creating a legally binding agreement with your partners or whoever you might be doing business with, you will be avoiding potential lawsuits and expensive lawyer fees in the future.
The last best practice for starting a Massachusetts small business is mostly common sense, but worthwhile for me to harp on.
Keep growing! Those who learn more, earn more.
Continue to learn and grow as an entrepreneur by taking an educational guide like this. There you’ll be able to learn at your own pace and develop the skills you need to succeed long term.
Although there are plenty of other best practices for starting a business in Massachusetts, those are the 5 I recommend you keep in mind today.
Nobody said starting a business was easy. But it also doesn’t mean you have to scramble around for the next 10 (or 20) years to be a successful business owner.
Do the work today. Reap the results tomorrow.