Being your own boss, making your own hours, and making lots of money sounds like an amazing life of an entrepreneur. However, small business owners will tell you that it can be more challenging than expected.
Here are Four questions to think about whether you are simply curious about being on your own, or are ready to take a leap and start your own business.
1. How comfortable are you with financial insecurity?
Along with your initial investment into launching a startup business, you will have to pay for everything from the office itself, copy machines, chairs, etc. This can create challenges in your personal savings and finances, especially if you have not built up your customer base yet. Do you have enough money saved that can last you, potentially for several months, if and when the income at times is at a minimum or non-existent? A startup business can be demanding financially, so make sure you are prepared.
2. Do you have a solid team?
Although starting your own business is essentially to be independent, you will need a team to help you become successful in your new venture. A core team that includes future employees, past colleagues, and contacts in the industry can help and support you in areas in which you are not familiar.
Friends and loved ones can be essential when it comes to emotional support, getting your newfound business name out there, and helping set up your office. Also try to find a mentor who has been successful at starting a new business to add to your team of advisors.
3. What is your plan?
You will need to have a clear and specific business plan in order to attract the right customers and investors, and to know whether you are on the right path to success. How your business will grow is the most important thing. You will need to make sure that there is demand for your business that will create on-going customers.
4. Do you have the correct setup and structure for your business?
Do not be hesitant about consulting an attorney to ensure you have the correct setup and structure for your business. Laws surrounding taxation and liability continue to evolve and laying the correct legal foundation now can set you up properly for the future growth of your business. It is typically not expensive to initially organize your business properly, but it could pay huge dividends for you and your business down the road.
For assistance with any legal needs related to your business or estate planning, contact Fournier Legal Services at firstname.lastname@example.org or 860.670.3535 now for a free consultation and planning session.