Business Law Question.
Residential and Commercial Cleaning Services.
Have you ever founded, or are you dreaming of founding, your own business? (If not, pretend you have and dream one up.) Your company must be a Maine based, for-profit venture - no not-forprofits, please. 18. How will you set an example as an owner/founder of the values you expect your employees to uphold, if any? 19. What kind of intellectual property will your company develop and own? [The company name and logo, advertising, marketing materials all involve IP. All companies will have those.] How will you protect it? 20. What kind of physical location do you need? What kind of special equipment or space do you need? Do you need a minimum size city or population area in order to be successful? What town \& county will it be located in? 21. Finally, what is your "elevator pitch" to potential investors about why your company will be successful and why they should invest in you? [This should be the meat of your presentation - folding in all of the answers that you think will put your company in its best light!] 1. What will your company do, produce or sell? [I.e., Is it a services company, a product manufacturer? What services will it provide or what products will it make or sell?] 2. Why will your company be special or unique? Why will customers particularly want to seek out your company? [This could be because of location or the products or services you offer.] See the "5 Questions Every Founder Must Ask" article. 3. What experience, passion or skills do you already have that make you the ideal founder of this business? 4. What will you name your company? Try to come up with a word or phrase that is unique or made-up, and not generic or "merely descriptive." That way it is more certain to be granted trademark protection. 5. Search for the name through Bing or Google, etc. Are there other businesses with that name that come up? Would they be competitors of yours? How is your business different? Would customers be confused between the businesses? 6. Will your company have a mission statement or company slogan? What will that be? 7. How will you define success for your company? In the first year.......and in year five. 8. What Federal and State agencies or municipalities regulate the business? What department of the government may have jurisdiction or the ability to license your business? For example, beauty salons must be licensed by the state of Maine. 9. Who will your competitors be? Can you name specific companies? How will you do research on them? 10. To what kinds of liabilities can you imagine your company might be particularly susceptible? For example, a bar owner would have to be concerned with liability arising from actions of drunken customers. A pizza parlor owner would be concerned about the possibility that a cook could be burned on an oven. Does the possibility of one or more kinds of liability affect what kind of business entity you will choose? 11. Where will you get the money to start your business? How will you finance it in the event you are very successful? 12. What kind of entity (corporation, sole proprietorship, LLC, partnership, Benefit corporation, Subchapter S, etc.) do you want your small business to be in the beginning? Why? Will you convert your company into another form within 10 years...assuming that you are successful? Why? (Consider what your answers have been to the two immediately preceding questions!) 13. What warranties will apply to your business? Are they express or implied? 14. Will aspects of your business be subject to Article 2 (Sales) of the Uniform Commercial Code? Will you be deemed a "merchant" as defined in the UCC? 15. How many employees will it have in the first year or two? In five years? 16. When hiring employees what characteristics will you want to make sure they possess? How will you go about finding out? 17. What procedures will you put into operation in your business to protect your business from employee misconduct? What kind of training will you provide to your employees? 18. How will you set an example as an owner/founder of the values you expect your employees to uphold, if any? 19. What kind of intellectual property will your company develop and own? [The company name and logo, advertising, marketing materials all involve IP. All companies will have those.] How will you protect it? 20. What kind of physical location do you need? What kind of special equipment or space do you need? Do you need a minimum size city or population area in order to be successful? What town \& county will it be located in? 21. Finally, what is your "elevator pitch" to potential investors about why your company will be successful and why they should invest in you? [This should be the meat of your presentation - folding in all of the answers that you think will put your company in its best light!]
