EQUINOX Business Law Group - Seattle Bellevue

Beyond the Business License

January 31, 2007

I recently did a radio show on Radio Sol discussing legal issues for small businesses and my current course offerings at Renton Technical College. I found that the listeners who called into the show mirror my experience with many small business owners generally -- and it's an issue that's important to address. Most small business owners are concerned with the business issues that might get them into "trouble." These issues are primarily 1) setting up the business properly through the State and 2) taxes. While I agree that these things are critical to ensuring your business stays out of trouble, these items are the starting point for keeping your business safe. Remember, that you're not "done" just because you've received your business license. If you're a corporation or LLC, you must do specific things under the law to retain your liability protection such as maintaining a record book, holding initial annual meetings, and keeping separate records. These things are mandadtory! Also, one of the best ways to protect your business, outside of business structure and insurance, is putting in place contracts with your clients, vendors, investors, partners and other interested stakeholders. The business license is the first, not the last legal step you take for your business.

Valuable Publication & Cold Calling Advice

January 24, 2007

I recently came across "Small Business Success" which appears to be a Small Business Administration publication published by Moran Media Group. As I browsed through the pages, I found articles that applied to both small, service-based as well as fast-growing manufacturing businesses. One article I passed along to numerous clients was entitled "Warm Up to Cold Calls" by Kim T. Gordon which discussed how to prepare yourself, both practically and psychologically, for this arduous process. Whether you make 1 call or 40 calls per week to clients, prospective clients or referrers, the best tip I thought was to "Create a Three-Part Opener." This means you must establish a reason for the person to speak to you within the first few seconds. In that time, you must include your name, company, an an opening benefit.
Unfortunately, I was unable to find an online version of the publication (I know this doesn't help you much) but if you're ever visiting the SBA's offices, take a look.

Dependency in Lease Negotiations

January 17, 2007

I was recently thinking about the small, entrepreneurial retail outlets located near the Larry's Markets grocery store in Bellevue. These outlets selected this location because Larry's Markets catered to their ideal customers. It occurred to me that the recent bankruptcy of Larry's Markets turned these retailers' business plans on their heads. The bankruptcy resulted in a change of ownership of the store and transitioned an upscale grocery chain to a G.I. Joe's sporting goods store which definitely does not cater to the same demographic. What does this mean for these small retailers? That may depend on what their lease allows. As a retailer negotiating a lease, you should contemplate the dependency you may have on the existence of one key store or other term in the lease and whether the lease gives you the opportunity to exit the lease or sublease if the store or other term your business plan relies on ceases to exist. Think about these dependencies as you choose your location and negotiate your lease. Consider the risk you're undertaking and what your alternatives are under the lease if things go sour.

Startup Advice for Law Practices and Others

January 10, 2007

This month's King County Bar Association Bar Bulletin is focused on the topic of "growth" and contains an article I wrote on starting and growing a law practice. The advice contained in the article applies to entrepreneurs who don't have solid grounding in business concepts and are launching professional services companies. It discusses goal setting, scalability, cash management, and marketing and sales. I hope that you'll find something of value for your own business in the article.

New Year Musings

January 03, 2007

While at Starbucks this morning, I saw an article in the Seattle Times about a small town in Jackson, Alabama (population 5400) that collectively lost 10,000 pounds last year through a city-wide weight loss program. The buzz around the concept ("everyone's doing it") and the accountability of monthly weigh-ins matched with monetary rewards for achieving certain goals drove this town into a health frenzy. Even local restaurants bought in financially and by improving their menus to help the townspeople achieve their goals. It immediately occurred to me that this kind of viral marketing can work both for business and within business. As a marketing tactic, what can you do to get your community (neighborhood stores, residents, clients) talking about you and creating a buzz about your business? This is great to think about now as part of your planning and goal setting for the year. Secondly, internally you can utilize this tactic to motivate your workforce to achieve more through creative programs that result in tangible value to them. Many ideas are low cost to a business but create enough buzz among employees that the competitive nature takes over. Muse over these thoughts and how you can create a bang internally and with the public!