Are you Ready to Start a New Company?
Before you jump head-first into starting a new business, it is important to really consider whether or not you are prepared for this venture. Below are a few considerations:
- Starting a new business is somewhat similar to having a baby – there is no perfect time and you can never be completely prepared. That being said, there are many things that must be taken care of and you must obviously give it your best. Just understand that you must remain flexible and be willing to make changes and tweaks as you go.
- You must have the ability to sell. Whether you are selling a product, a service or even yourself, starting a new business requires salesmanship. You must convince your loved ones that this is a risk that is worth taking. You may need to persuade investors or partners that your idea is a good one. And remember, effective selling isn’t mere manipulation of others. It is proving to others that they should “buy in” with you and take ownership of the business too.
- The financial risk of start-ups is the primary reason many people do not become entrepreneurs. Thus, it is important to have a sound financial plan for your new entity. Whether this means keeping your full-time job while growing your business on the side, getting investors, or obtaining a loan, you must have sufficient financing in order to succeed. Most advisors recommend having anywhere from six months to two years of reserve to cover your living expenses. You must decide where your comfort level is and then give it your all.
- New business owners need to realize that they will need help. Trying to figure everything out on your own will waste time and money. There are so many resources for new business owners, so take advantage of them. If you can learn from somebody else’s mistakes, it will make your road that much smoother to travel.
- You have written a business plan and discussed it with people that you trust. Don’t make the mistake of thinking you don’t have time to draft a business plan or that you are too overwhelmed to do it. Writing down your plan for your entity not only forces you to think through many issues before they arise, it also helps you evaluate your progress and stay on track.
If you are interested in starting a new business, let us help. At Nielsen Law Group, we will not only help assist with identifyingthe best structure for your business, but will also aid with the additional details that will foster a strong foundation and get you started on the road to success. Whether you need assistance forming your new business entity or establishing a more sophisticated corporation or non-profit organization, we will be able to guide you the entire way. You can schedule your initial consultation by calling (480) 888-7111 or submitting a web request here.