A lot of people recognize the benefits of business ownership like: No-one looking over your shoulder, tired of building someone else's dream, tired of working long hours for meager pay, tired of spending the holidays and special occasions away from family, etc.
The reality of it is, all of those things happen on the journey of entrepreneurship. Most importantly, as an entrepreneur - the captain of the ship - you have a responsibility to ensure the "entire house" is on solid foundation.
And... we know that some entrepreneurs tend to build their business from the top down; thus, their ventures crumble and fade away. The long hours, the sleepless nights, the sacrificed vacations and family time are now all for naught.
Whether you've been at this for a while or your new to the game, here are a few tips to help you on the journey.
1. Hire A Lawyer ASAP:
Most entrepreneurs and successful small business owners cannot afford to pay an in-house counsel $10,000 to $20,000 for an annual retainer, but that shouldn't stop you from finding a counsel who understands your financial position and business goals.
Here at SLD, we evaluate the most vulnerable needs of the entrepreneur and build a plan around that. That way, the entrepreneur can remain assured that they have legal guidance (vs. none) along the way to help them avoid paying $20,000+ in legal fees later.
2. Hire A CPA:
If you're truly serious about your business and are making a decent living, having a CPA should be on your list of things to do immediately. Why? I know first hand how difficult it is to run a business and I know how expensive it is also. Therefore, a CPA will have the expertise to review your quarterly and annual spending and determine what you can use as a tax deduction, thereby limiting your overall tax liability and ensuring that you keep most of your funds in your pocket.
3. Ask Questions:
The quickest road to failure is to wear a badge of pride by failing to ask for help when you need it. You are not an expert in everything. Quite frankly, there will be aspects about your entrepreneurial journey that you will have no idea what to do. Do not get caught up in the pride game or feeling like a fool because you don't know the answer. Ask for help. People will help you.
4. Get Insurance:
Insurance is literally another topic for another day. But, make sure you purchase a policy that covers your business performances, employees, licenses (if you carry any), and any operating costs. Insurance is a necessary vehicle for business as it will aide you in operating your business if there was an unforeseen expense or unexpected closure. Additionally, if there is some unforeseen loss to which you're insured, you get .... drum roll please ... PAID!
5. Hire a Financial Advisor:
As soon as practically possible, hire a financial advisor. Your advisor will guide you in creating financial plans that build wealth.
You must ensure that you build your business from the ground up, not from the top down. When you take the time to implement these five tips, it will guide you in the right direction. And, don't worry if you've been doing this for a while. It's never too late to turn things around.
We are here to guide you in your journey to success.
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This article is a service of SL DeBarros Law Firm, LLC & What Are You Sporting About? Podcast. We offer a wide array of business services and can help you make the wisest business choices. We also offer a Business Protection Start-Up Session or a Business Audit for an ongoing business. Call us today to schedule.