5 Steps for Starting Your Own Business

5 Steps for Starting Your Own Business

Are you dreaming of starting your own business? Maybe you hate the job you have now, or just hate the effect it has on your life. Maybe it’s an overbearing boss or co-workers with whom you have nothing in common. Maybe you think cubicles are for lab rats, not for human beings.

Whatever the reason, quitting a job you hate to start a business you could love is a dream for many people. But it’s a process to get there, and here are five steps you need to take to get you on the path to business ownership:

Make a plan. Growing up, we were always told to look before you leap. This is still good advice for someone who wants to chuck the day job and start their own business. If you are thinking of starting your own business, buying a business or investing in a franchise, you need to do your homework. Don’t know where to start? An experienced business attorney can help you separate the wheat from the chaff.

Keep working. New ventures always carry a risk, so if you can, stay in that old job as long as possible so you can count on your paycheck to pay the bills while you get the new business up and running.

Choose carefully. You don’t want to get saddled with a business that gives you the same painful experience you had in your old job, so you need to choose wisely. And just because you love fishing doesn’t mean you should open a bait shop. Be sure you choose a business that holds your interest for the long term in an industry that has sustainability over time.

Be realistic. Building a business takes time, and you measure it by one client or customer at a time. If you invest in a franchise, you have a roadmap and operating system you can follow for success. If you strike out on your own, be realistic about the risks and the rewards.

Enjoy the process. Starting a new business is a learning process, so learn to enjoy the ride. Once you are established and successful, it will be the journey to that success that will bring you the most pleasure.

How a Startup Lawyer Can Help

Many people starting a business on a budget think they can wait to involve an attorney until they have something to lose. This is not the right way to think when it comes to building and protecting a new business. A startup lawyer can help you right away by:

• Making recommendations on the best structure for your business to help you protect your personal assets.
• Helping you finance your business.
• Creating partnership and operating agreements to protect all interests from the beginning.
• Advising you on employment law so you don’t run into trouble with the IRS or risk litigation.
• Protecting your intellectual property and ensuring you do not infringe on the IP of others.
• Protecting you and your business from potential regulatory violations.

Most small business or startup attorneys understand that their clients are working with a limited budget and will put together flat rate or financing packages.  It is better to spend a little bit of money now than a lot later. Call our office at 305-921-0440 or email us at info@jflawfirm.com.

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