Eight out of ten entrepreneurs will have to turn off their business’ lights within the first 18 months of operation, according to Bloomberg. If you’re trying to beat the odds, you’ll need more than just a great idea and enthusiasm to see it through. These are three vital steps to successfully starting your small business.
Define Your Goals
Are you in this to make money, change the world, or both? Defining your goals and how you plan on achieving them are two vital components you need to establish immediately. If you create a road map, the path to success will be paved with triumphs instead of novice tragedies. Meet with a mentor or industry expert to review your goals and get feedback about how long they will take.
Waking up ten years down the road and realizing you didn’t accomplish your goals is a nightmare countless business owners will be hit with today. You can avoid that feeling by setting realistic deadlines that will let you know if you’re on track or drifting off the road. Important milestones may include making your first sale, hiring your first employee, and celebrating a first year in business. Attaining such goals will only increase if you meet with an attorney at the outset.
Meet With an Attorney
Starting a corporation or LLC has never been easier, thanks largely to the proliferation of do-it-yourself corporate registration kits and online form libraries. However, these shortcuts can’t replace the advice of a knowledgeable attorney experienced in business law. No business formation kit downloaded from the Web has ever talked a client through short and long-term business objectives, entrepreneurial risk, or the need to plan against future contingencies or problems through shareholder agreements, partnership agreements, or buy-sell agreements.
At Heritage Law, LLP, our attorneys help small businesses and entrepreneurs find the right organizational structure to fit their capital profile, management style and tolerance of risk. Our business attorneys serve as general counsel for many small to medium size business and family businesses of all kinds. Whatever type of business you are engaged in, contact us for the advice and support you need.