Startup Business Lawyers Sydney
Thinking of Starting up a Business or Company?
The startup has become an expression synonymous with the tech industry, often founded by Entrepreneurs with grand plans to change the world. Oddly, sometimes they do (Apple, Uber, Airbnb…) but not in every instance and the successful ones remain rare. Whatever the offering, a Startup faces many challenges and not just the obvious ones. Always ensure you seek the services of an experienced business Startup Lawyer.
What is a Startup?
Despite the array of descriptions commonly available in the public domain, the most practical one would be something like ‘a business typically in the first stage of operation and often funded by the founding partners; set-up to capitalise on developing a product or service for which demand is anticipated in the future’.
In other words, a newly formed business with very little external funding, established to create a product or offer a service (or both) that is (or may not yet be) needed, required or wanted! When we think about it this way, the risks already start to become obvious and it no longer seems inconceivable to appoint an expert Startup lawyer from the moment of inception. After all, forearmed is forewarned.
Key Considerations
In truth, this section could span several pages. First and foremost, getting advice is absolutely paramount!
Secondly, get advice from reliable and professional expert Startup business lawyers. Harbourside Legal Commercial has assisted companies from across the business spectrum and through a range of different industries.
Start with the Startup Business Plan, which is a written document that can be overlooked and undervalued. A good business plan will provide the tool to get the ideas and strategies down in writing. Additionally, it describes objectives, potential risks, competitor analysis and a whole host of development plans; to include who, what, where and how! Finally, a business plan should be the tool that guides the business and its’ stakeholders into the future; from inception to maturity.
Conduct Startup Market Research. For example, is the plan sound, robust and does it make sense? Seek out potential competitors and find an edge in which to mitigate any long-term commercial pain. You want your Startup to be based on logical and commercial research, so that you start from a position of strength and not be flawed from the onset.
Think about Startup Finance. In other words, what amount of capital the Startup needs, when it is needed and how it will be raised. These are questions to be asked – and answered – as part of ongoing planning.
Options for funding a Startup could be:
- Fund it yourself (well you control the purse strings, so you control the spend);
- Raise capital through family and friends;
- Crowdfund it (i.e. Kickstarter);
- Seek Angel Investment (such as AngelList); or
- Government Grants
Start with the correct Business Structure. If you are trying to raise funds, this is particularly important to get correct in the planning stage. What type of business structure works for your Startup? You may (and probably will) register an ABN, ACN and obtain GST registration. Furthermore, think about licenses, permits, and even registered trademarks and patents? Discuss all these key points with a business lawyer.
Finally, and not necessarily in its absolute position – think about yourself! A Startup can be exhilarating, fast, demanding, and extremely rewarding but there are always two sides.
Stress, anxiety, isolation and sleepless nights can follow those three little words “let’s do this”. Many have tried and many have failed but those that succeed, enjoy the ocular feast of success blazoned across the corridors of their corporate playground.
Have fun but know the price and play the Startup game well.
To conclude, obtaining expert advice is a safe and sound approach. A Startup business lawyer will advise on all aspects of the process. At Harbourside Legal Commercial, our lawyers are experts in Startup structuring, advice, and guidance. From strategic planning to asset protection and even capital raising.
If setting up a Startup (be it a company, partnership, etc), don’t underestimate the hidden value of legal advice. Contact Harbourside Legal Commercial and get a definitive guide from an expert Startup Lawyer.
Contact through our enquiry form or phone 02 9955 6692
