Last year, a lot of people had an epiphany. They decided it was time they act on that million-dollar idea because they never wanted to be at the mercy of a sole employer again.
Were you in that number?
If so, we’d first like to say, CONGRATS on deciding to join us, crazy entrepreneurs. We want to give you some advice to help you along the way.
There are many things to keep in mind when launching a business, but we’ll cover three of them today.
Here Are 3 Tips to Prep for Business Ownership
Business Owner Prep Tip 1: Be Prepared to Sacrifice
“Nothing worth having is easy.” You’ve heard it thousands of times, but it’s more than a cliché. As you embark on your journey to entrepreneurship, you’re going to have to sacrifice. As Shawna Pointville of Excel Kids Academy always says, “You’re going to have to get comfortable with being uncomfortable.”
Building a business is not for the faint of heart. There will be times you have to choose doing what you need to do over what you want to do. You’ll have to be disciplined, give up some things and make some difficult decisions that don’t always feel good to you, but they are good for you.
If you think adulting is hard, being an entrepreneur takes that to the next level! But BE ENCOURAGED! You can do it! Remember, your sacrifice is for a season and it will ultimately yield optimal rewards.
Business Owner Prep Tip 2: Get Your Paperwork, Licenses, and Business Structure in Place
There’s nothing productive about having a business that is not properly organized. It’s important you file the necessary paperwork, obtain the appropriate licenses, and incorporate with the structure that best suits your business model.
We can help you with this! At Onyx, we help business owners file their incorporation paperwork and navigate through any litigation that may subsequently arise.
Like we said on our Business Law Page, “Your business is more than a job, it is a manifestation of your drive, work ethic, and self-determination.” That’s why it’s important you make sure you protect it by getting all of the legal paperwork for it to properly operate in order.
Then create a business plan. Write the vision and make it plain. It will give you a blueprint to follow and keep you encouraged as you navigate any challenges.
Business Owner Prep Tip 3: You Are Going to Want to Give Up A Million Times--Don’t!
Speaking of staying encouraged, this is going to be easier said than done. As a business owner, you’re going to face many challenges. And sometimes, it will seem like your losses outnumber your wins. You’ll be tempted to throw in the towel. But …DON’T GIVE UP!
Any entrepreneur will tell you there were days they wanted to shut everything down, but their persistence eventually paid off. Some of the biggest success stories in business came after they failed.
Pinky Cole, the owner of the multi-million dollar Slutty Vegan restaurant, lost her first restaurant in Harlem to a grease fire. But she often says if she didn’t lose that restaurant, she wouldn’t have created Slutty Vegan, which became a nine-figure business within six months of launching.
Do the work and stay the course. It may not always feel wonderful, but it will ultimately be worth it.
Are you ready to start your business? If you’re looking for an attorney who can help you with incorporation paperwork, expansion, or litigation, give our offices a call today at 786-504-5760.
The information in this blog post has been provided for informational purposes only and may not reflect the current laws in your jurisdiction. No information contained in this post should be construed as legal advice from The Onyx Group, or the author, nor is it intended for any subject matter.