Why We're Giving Away Free Business Plans
As governments begin taking steps to move forward in response to the global pandemic, many industries are trying to figure out how they can take advantage of the massive economic shakeup that is occurring. This makes it not so surprising that now may be the perfect time to start that business you’ve been thinking about.
LegalNature wants to do its part to help provide people with the tools they need to successfully plan and start a business. For the first time, we are offering our business plan builder completely free of charge, with no credit card or subscription required.
A business plan is vital for outlining exactly how your business will succeed and is important for attracting investors and business partners. Continue reading to learn what types of businesses are successfully adapting to the present economic environment and how to start your own business that can capitalize on these trends.
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The Changing Economic Landscape
We are seeing industries like travel, hospitality, events, live entertainment, food services, and brick-and-mortar retail being hit especially hard right now, and it is unclear how long they will take to recover. With less revenue, they are being forced to pull back on advertising spend, opening the door for other industries to advertise at reduced rates. In response, the number of bankruptcies has been climbing in the United States and the rest of the world.
Of course, this situation is beyond devastating for many businesses and individuals. However, there’s no stopping the universal law: supply rises to meet demand, one way or another. Where one business closes another will open, and hopefully one that’s better prepared to face the new economic realities. Those with the foresight to adapt now have an excellent chance of seeing their fortunes improve over the next year.
New Opportunities
The businesses that are thriving right now are those that help support social distancing or that can reach their customers without sacrificing safe social distancing practices, such as the following businesses:
- Delivery services
- Cleaning services
- Home entertainment providers
- Fitness equipment manufacturers
- Online shopping merchants
- Telehealth services
- Grocery stores
- Meal prep services
- Coffee and clothing subscription services
- Liquor and wine producers
- Nonperishable food producers
- Drive-in movie theaters
This last example, while somewhat surprising, may provide some insight into the evolving consumer preferences concerning live events. Drive-in theaters are seeing a huge increase in attendance in the United States and Europe right now, proving that people are still craving live entertainment, even if it means maintaining a little distance from each other.
This list is not exhaustive by any means. Almost all industries are being forced to adapt in multiple ways right now. This presents opportunities for any startup company. Unlike old companies with more cumbersome procedures and outdated systems, startups will be better positioned to respond to changing consumer preferences with agility.
Moreover, entrepreneurs with extra free time on their hands should be taking advantage of incentives like low interest rates on loans and increased government and private sector support for startups and small businesses. This means that you do not necessarily have to quit your day job to get the ball rolling on your business plan.
Taking the First Steps
We get it. Starting your own business can be a daunting prospect, especially if you have never done it before. That’s why we recommend doing the same thing that every Entrepreneurship 101 professor recommends: start by creating a solid business plan. A business plan is a formal outline that identifies precisely how a business will go about achieving its goals and addressing potential challenges along the way. However, it is not simply a thought exercise. Business owners need to keep their business plans handy to show to potential investors and partners. This makes completing a business plan a crucial first step for any potential business owner.
A business plan helps you organize your strategies on all fronts, including your
- Company goals and mission statement
- Marketing strategy
- Pricing strategy
- Competitive analysis
- Production or services strategy
- Operations plan
- Financial plan
- Profit and loss projections
Note that business plans are not only for startups but should be used by existing businesses as well. In this way, a business plan is similar to a resume and should be regularly updated. This especially applies to businesses that are struggling in the current market and are looking to pivot toward new opportunities for growth.
How to Legally Start Your Business
After you have a solid business plan, you are ready to legally start your business. Officially forming a business such as an LLC or a corporation provides you with many important advantages and legal protections, including personal liability protection. This means that creditors and other parties that contract with your business will be unable to hold you personally responsible for a debt or obligation contracted under the name of your business, thereby protecting your personal assets from any claims.
The process of legally starting your business is rather complex and requires selecting an entity type, selecting your state of incorporation, determining your tax status, finding a registered agent, and completing and filing certain forms with the relevant state agency. Due to the amount of expertise needed to navigate this process, business owners prefer to use services like ours to save time and make sure everything proceeds smoothly and without delay. Using LegalNature’s business formation service to start your business means that we will worry about correctly starting your business with your state agency so that you don’t have to.
Growing Your Business
LegalNature is here to guide you once your business has been legally formed. We provide you with the education and service needed to stay compliant with your state’s regulations, with strategies for succeeding as a startup, ways to find funding for your business, and much more.
Our extensive library of legal documents will again help you each step of the way. Your new business will need to complete certain documents to comply with state law, such as an LLC operating agreement, corporate bylaws, corporate resolutions, and meeting minutes. Our business and human resources contracts provide you with essential legal protection to prevent your business from exposing itself to unnecessary risks that could tank your business.
This is all to say that LegalNature is here to support you each step of the way. From your initial business plan, to forming your business, to succeeding as a startup and growing a business that you can be proud of, we are a resource that you can rely on.
Have questions? Our knowledgeable customer service team is happy to help. Reach us at 888-881-1139, Monday to Friday 9am-5pm PT, or say hello here!
Ready to start? Download your free business plan here.