July 13, 2017
Everyone dreams of being their own boss.
Well, some dream of never working again, but realities like bills, kids, and that pesky need for somewhere to live get in the way. So, the dream defers back to being the boss.
At least until it’s time to collect that fat buy-out check.
But where do you start? And how can you take an idea from eureka to easy street?
Have an Idea or Find a Niche
The classic business story featured on shows like Shark Tank always includes an “aha!” moment. The hopeful entrepreneur recognizes a problem and the solution hits them like a ton of bricks.
But plenty of businesses—especially those started in the digital world—aren’t born from such moments. Instead, savvy sharks have looked for gaps in the current system. You can do this by thinking about items you use often and what would make them easier to use, easier to get, or improve the user experience.
Write a Plan
The hard part isn’t coming up with the idea. Millions of ideas are dreamt up every month, but the difference between a business owner and a wantrepreneur is the work.
The most important step to creating any business is writing the business plan. A simple Google search will bring up thousands of examples, but the basic premise is simple. You need to think of everything that the business will require—production, distribution, marketing, funding, etc.—and figure out how you will get each thing done. In detail.
A good business plan will let you hit the ground running with a direction in mind because you will have thought about everything that can (and probably will) go wrong.
It’s also important to figure out the right business structure for you at this juncture. Somebody without many assets may not need to worry about becoming a sole proprietorship. But if you have something to lose, an LLC or corporation may be necessary to protect your estate.
Be Ready to Go Off-road
The best laid plans should never be built out of iron. They need to be strong and well thought out, but flexibility is more important. You must look at the data that comes back from your earlier decisions and make sure your plan isn’t solely built on hopes, but guided by facts.
Business can throw any number of curve balls at you. If you’re dealing with a legal business issue, or need help finding the right path for your business structure, don’t go down that path alone. The lawyers at King Law can answer those questions as well as other business-related inquiries. Call us at 1-888-748-KING today to schedule a consultation and let our experience get to work for you.