Calling ENTREPRENEURS: 4 MUST-KNOW TIPS FOR STARTING A BUSINESS
Starting a new business can be an eye-opening experience – especially for those who are new to the business world. Our Nashville business attorneys talk about four things every entrepreneur should know – prior to starting a new business.
Entrepreneurs are the groundwork of the American dream and key players in the world’s forward progress. Without people starting new companies and groundbreaking ventures, where would the rest of us be? Some of the greatest achievements in recent years – the smartphone, the self-driving car, etc. – are all in thanks to entrepreneurs. However, beginning a new company takes an unbelievable amount of work and often proves to be incredibly difficult, especially for those who are new.
Four tips for ENTREPRENEURs STARTING a NEW BUSINESS
1. Your job is more than full-time.
As a business owner and manager, you are not working 40 hours a week – you are working pretty much every hour of the day. Everything eventually makes its way back up to you, and you have to be available to react at any given hour. Even when operations are running smoothly, you should expect 12+ hour days, 7 days a week for the first several years of your new business. You are making something from the ground up, which takes significant time and effort.
2. Be financially responsible.
There is nothing about starting a brand new business as a fresh entrepreneur that is not a financial gamble. You have to save money wherever you can and use all of your finances responsibly. Thoroughly research all your expenditures to know you are getting the best value for your dollar.
3. Hire reliable people.
Anyone who becomes part of your company – from a vice president to a cashier – has to be someone you trust fully to do the expected job as well as possible. Know who is in your company because they both represent and affect you in many ways.
4. consult a business attorney.
Before you leap too far into the entrepreneurial world, arm yourself with the knowledge, insight, and experience of a good business lawyer. There are plenty of pitfalls you can step right into when starting a business if you are not familiar with state and federal regulations, such as what benefits you need to provide your employees and what type of entity you are. A trustworthy business lawyer can point you in the right direction, prepare you for challenges ahead, and act as representation in case matters escalate to a lawsuit.
If your business owns real estate, these are some more important tips.
→ ENTREPRENEUR: Why the South Is Emerging as the Next Promising Growth and Innovation Hub
→ LAUNCHTN: A public-private partnership that supports entrepreneurs from ideation to exit.
→ NASHVILLE ENTREPRENEUR CENTER:The EC is a Nashville based nonprofit organization on a mission to connect entrepreneurs with critical resources to create, launch and grow businesses.