Starting your own business can be exciting
It can take a leap of faith to set out on one’s own, or maybe just life circumstances catapult you into being a business owner. Necessity is the mother of invention for many people downsized or aged out by corporate America. I’ve counseled many about the issues that come up with business start-ups. People ask what type of business form should it be? An LLC, S Corp. or a C Corp.? What are those things anyhow? Just tell me what to do!
And once we make that decision, based on a bunch of factors, some trivial and others not, next we have to consider the rules of the road. If there are co-owners or partners, how will the thing really run? Who will make decisions? What if the owners don’t agree? What if one wants out? It can get more complicated if one person is working in the business and the other is putting up money.
All these questions are coming up at a time when you want to keep the momentum of the newness and you’re thinking about a million things to get the thing off the ground. The lawyer is asking you to think about what will happen if things go wrong when you’re on fire to get going! It’s like writing a pre-nup for a future business divorce. It can be unsettling but it can also help fledgling owners get real about what they’re getting into.
If you’re lucky and you’ve got funds to keep your new venture going, things may be easier than a cash flow struggle. But abundant cash can also lead to costly mistakes. I’ve seen it happen. Lean enterprises have to be more strategic because they have no money to waste. I worked at a start-up once that was busy renting AAA office space and buying fancy furniture. Made no sense. And it cratered after wasting much money and talent.
Starting your own business is hard work. And it is hard work day in and day out. Running a business is not the same thing as doing the thing that you love that made you start the business. For the chef who loves to cook, running a restaurant may be a total disconnect. For the great sales rep who now sells on her own, tracking down customers may be harder than the fun part of selling. For creatives who want to get their work “out there,” the crushing part can be selling and marketing yourself, not writing the book, shooting the film or creating the artwork. You are not alone if this happens to you.
Sometimes you can forget who you really are and what you wanted to do. When times get tough, it can be hard work to keep your faith and believe in yourself and what you’re doing. Being an entrepreneur isn’t easy, but it is enormously satisfying to do it your way.
We’re in the process of putting the final touches on a biz start-up book. If you have a story you’d like to share about your business start-up, please reach out.
Parker Press Inc. has provided this information concerning the subject matter covered, for educational purposes. Parker Press Inc. does not render legal or other professional advice, and information here is not a substitute for the advice of an attorney, nor does it constitute the rendering of legal or professional advice or services to a particular individual. If legal or other expert assistance is needed, the services of a qualified professional should be sought to address the specific needs in your situation.