Venturing out on your own and starting a business can be both exhilarating and stressful. If done properly, it can forever change your life and free you from a mundane and unfulfilling job. You will gain the ability to work in a shared workspace, from home, or in an office, if that is what you choose.
Being your own boss gives you the power to choose your colleagues and the hours you work all while pursuing the career path you have chosen, not the path chosen for you.
Starting a business in California takes a lot of work. Entrepreneurship is only for those with energy, determination, courage, and persistence. To persevere through good times is easy. Enduring the hardships is what separates businesses that succeed from those that fail.
Working with a business law attorney in Santa Monica can help you gain a true sense of accomplishment and fulfillment as you work toward your professional goals. Imagine what it would feel like to never work for someone else again.
So, what will take to start your business or get your operation off the ground?
1. Focus on a single business.
Individuals who find success in the entrepreneurial space do so one business at a time. Confucius said, “The man who chases two rabbits catches neither.” His sage advice holds true 2,000 years later..
You must be committed to a single idea. If you are not, your time and energy will be divided. The more divisions, the longer it will take you to generate sustainable revenue (if you are able to at all).
Additionally, you will need financial resources. You do not want to be in a position in which your operating capital must be pulled from one venture to help with another.
2. Understand your industry.
Before venturing out on your own, it is best to gain experience. A lawyer goes through law school. A doctor goes through medical school. A successful restaurateur was once a cook or waiter. The same theory applies to the business world.
Not only do you need practical experience, but you also need to conduct deep research into your field:
Is your business model viable?
Is there demand in the marketplace for your product or service?
What is the earning potential of what you are trying to do?
What are your competitors doing?
These are just a few questions you should ask. Fortunately, you do not have to walk to the library anymore to find information. The answers to any inquiry are just a few keystrokes away.
3. Design a solid business blueprint.
Most people do not have the luxury of being given a million dollars from their parents to start a company. You will probably have to use your own money or credit cards and possibly borrow funds to launch your business.
You may not need a detailed business plan unless you go down the path of seeking angel investors or venture capitalists. However, you will need a business blueprint that will serve to navigate the road ahead.
A basic four to five-page document can include:
A vivid description of what your business does
Whom your business serves
How the daily operations will function
A list of responsibilities for the parties involved
An estimate of costs associated to running the business the first year
A plan of how the above costs will be covered (i.e. sales or another revenue source)
Work with the Best Business Law Attorneys in Santa Monica and Los Angeles
The experienced lawyers at Verhagen Bennett represent new entrepreneurs, established business owners, and everyone in between. We thoughtfully and strategically assist our clients by keeping in mind their plan for success and advising them of any legal pitfalls they may encounter along the way.
We offer several services that specialize in helping startups, business in transition, and people who would like assistance operating their business.
To speak with one of our knowledgeable business attorneys, schedule an appointment, call (310) 917-1064 or email firstname.lastname@example.org.
For questions or comments about this post, please email us directly at: info@VerhagenBennett.com
© 2018 Verhagen Bennett LLP — This article is for general information only. The information presented should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.