WOULD YOU LIKE TO START A BUSINESS?
Tostartupa Business is conceptually simple, but launching one with minimal funds presents a distinct challenge.
This section will outline the concept of initiating a company, considerations for entrepreneurs to contemplate before beginning the process, and some reflections on how starting and managing a business can affect daily life.
GET ADVICE EARLY
Consulting with an advisor early on, using them as a sounding board, and benefiting from their experience can be invaluable. They’ve navigated the same path you’re on. We’re eager to serve as your entrepreneurial mentors and help steer you through the journey, potentially saving you considerable funds.
Simply contact us with your question or issue, tell us about your company, how can we help? Click here to contact us or fill out the form near the bottom of this page.
WHY CHAT WITH US?
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BEFORE RUNNING OUT OF CASH!
Do You Have A Product or Service?
Some people startup a business just for the sake of it, and hope to come up with an idea along the ride. Others startup a business for tax reasons.
But if you startup a business because you have a great idea for a product or service, it makes more sense. Our thoughts are as follows. You have an idea for a product or service, it would make sense to create a business plan and a “startup” organizational plan first before you literally setup, i.e. register a business. Particularly if you work with some partners, you may want to have at least a little proof of concept before registering an LLC or incorporating. But there are always exceptions to the rule.
Bottom-line you don’t want to have to file state or federal papers for a business that really isn’t a business yet.
DO YOU HAVE FUNDING?
Any business needs money to get it off the ground. I can’t tell you how many great ideas for a product or service went bankrupt because they ran out of money.
Initially you may be able to bankroll the startup, but there may come a time where you need funding to take the business to the next level. And don’t be fooled, when you start writing checks for expenses, whether it be people that work for you, web-design, digital marketing, product manufacturing or else, it adds up quickly.
Some Real-life Lessons
After I left Gillette, I was used to rounding in millions. But once I started my own business, rounding became cents. Every cent counts, and it is very easy when you are getting your feet wet and trying out different directions to pile up the expenses and run out of money.
Create a solid business plan, talk to people who have been there and done that, who know what it is to work in a structured environment like corporate and who have had their own startup. It can save you a ton of money and time, not to mention undue stress to get another opinion.
LIFESTYLE IMPACT – WORK
Consider the impact on your lifestyle before you fully commit. Starting and owning a business is often a round-the-clock endeavor, not always, but frequently.
You might find yourself in meetings during weekends or holidays, or traveling extensively as you work on your startup, figuring out your next steps, securing your next paycheck, or addressing staff issues.
Constant work can be stressful, strain family relationships, and may require living on a tight budget in the early years. Dark times will come; if you’re ready to face them, you might just succeed.
LIFESTYLE IMPACT – FAMILY
Have you considered the impact on your lifestyle? If not, be sure to do so before investing even a dime! Owning and running your own business is nearly a 24/7 commitment—not always, but most of the time.
Even when you’re not physically at your office or on your computer, it’s likely that you’ll be contemplating your startup, strategizing your next move, figuring out how to secure your next paycheck, or addressing staff issues.
If you have a partner, or are married with children, you’ll need to adjust to some lifestyle changes and come to terms with the fact that you won’t be able to spend as much time with them as you used to.
Ready to Grow?
Let’s Start Your Adventure!
