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Tips for getting a business off the ground

If you’ve considered starting your own business, you’re not alone. Many people dream of being their own boss and taking a good idea to the bank.

Unfortunately, what most people don’t realize is that getting a business up and running takes a lot more than a marketable idea. If you’re considering creating your own business, here are a few things you can do to increase your odds of success:

Start saving for your business

Don’t quit your job or move without first saving up for your business. There are all kinds of costs associated with starting a business, and money will be crucial. If you have savings to fall back on, it gives you more time to focus on your business.

The more you can save, the longer you have to make your business work.

Begin recruiting clients early

Don’t wait until everything’s ready to go before you approach clients. Customers are, obviously, the most vital part of any business. You need people who are willing to go into business with you. The earlier you can recruit interested individuals, the better.

As seen by popular crowdfunding sites like Kickstarter, people don’t mind waiting for a good idea. Don’t let the fact that your business is just starting put you off of approaching people it’s tailored for.

Have a basic business plan

A business plan doesn’t have to be exact. You don’t need to forecast exact earning potential. Just create a plan that outlines who your customers are, what your goals are and a tentative growth goal. This is a good start. Of course, you can always flesh it out later. A business plan, in the beginning, is a guidepost for what you want your company to be.

It’s easy to get stuck on the details, especially in the beginning. By making a plan, you can remind yourself of what your long-term goals are.

Assign clear roles

It’s important to have clear-cut responsibilities for anyone you have working with (or for) you, especially early on with your company. Make sure everyone understands their roles and the difference between partners and employees. This may sound harsh, but the last thing you need is people arguing about company ownership when you’re expanding or growing.

Make sure everyone understands what their role is, and how they fit in your company structure.

Don’t go it alone

Starting a business can be a long, difficult endeavor. You don’t need to suffer alone. A business accountant, a mentor and a business lawyer can all be useful for a fledgling company.

If you have any questions around Texas business laws, a skilled attorney can give you advice.

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Important notice: Thomas C. Pritchard is a retired member of Brewer & Pritchard, P.C. Mr. Pritchard's address is 800 Bering Drive, Suite 201, Houston, Texas 77057. Brewer & Pritchard, P.C and Thomas C. Pritchard have shared the cost of this advertisement.

Referrals: Please note that as a general matter, Brewer & Pritchard, P.C. does not handle non-litigation matters. Brewer & Pritchard, P.C. refers all its non-litigation or "transactional" matters to Thomas C. Pritchard, who is a retired member of the firm. Thomas C. Pritchard does not handle any litigation cases and as a general matter, he refers all litigation cases to Brewer & Pritchard, P.C. Brewer & Pritchard, P.C. and Thomas C. Pritchard have no other relationship to each other and do not share fees if or when a case or matter is referred by one to the other.

Not board certified: None of Brewer & Pritchard, P.C., J. Mark Brewer nor Thomas C. Pritchard is certified by the Texas Board of Legal Specialization.


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