If all it took to make a new business successful was the desire to be your own boss, no business would ever fail. A new business includes lots of sacrifice, determination, hard work and a clear understanding of both your business and your ability to perform well as an entrepreneur.
Before deciding if owning your own business is a right fit for you, consider:
Time – think about how much time you will need to launch your new business, and you may find that you won’t need to quit your day job just yet. That paycheck may be extremely important to you and your family as you work on ramping up a new venture.
Money – be realistic about how long it will be before you see a living wage again once you start a new business. Calculate what you will earn, and then divide it by half to help keep expectations in line.
Shoestring operation – you want to keep expenses as low as possible when starting up a new business, so research ways to bootstrap your business to profitability at low or no cost. You may be able to trade services with other businesses and use no-cost marketing tools like social media to get the word out.
Know thyself – you need to know yourself as well as you know your business. Be the boss you would want to work for, and stay true to your core values.
Take a break – it is easy to become consumed by starting a new business, but you shouldn’t become a stranger to family and friends, who can be a welcome support group for you. Be sure to get plenty of sleep too – not just for your physical health, but because current research shows that we often are able to solve problems much better after a good night’s rest.
The advice of an experienced business attorney will be indispensable as you embark on your entrepreneurial adventure. You need guidance on business formation, crafting legal agreements, intellectual property issues and more. An experienced attorney can also help by identifying potential issues down the road that could impact the viability of your new venture.
We help entrepreneurs succeed through proactive business planning, including crafting agreements and procedures to ensure you comply with state and federal laws. To learn more about our personal approach to business planning, call us today to schedule your comprehensive LIFT™ (legal, insurance, financial and tax) Foundation Audit.