When I first started my law business, there are definitely a few things I wish someone would have told me in the beginning. Those initial fears and failures inspired this month's content on starting your own business.
I was only 25 when I started my first business, and if I'm honest, it was a failure.
Within a year we we had split - I had picked the wrong partner and we had two very different ideas of how to run a law firm.
So, we split. And I failed.
But, I had learned so much more in that failure than I ever would have if I had never began at all. So when my husband and I started our own law firm in 2018, I knew what to NOT do and how to also manage a business relationship along with a personal one.
With my initial failed business in mind, I sat down and came up with the top 10 do's and don'ts of starting a business on your own so you guys don't make the same mistakes that I did!
The Top 5 "Do's" of Starting a Business
1. Trust your gut.
When it comes to your business – only YOU know your true vision. Don’t let others opinions sway you away from your original plan out of fear and doubt. Trust your gut on your vision – you’ve got this!
2. Network + Market Yourself.
There’s no shame in the marketing game when it comes to networking and marketing your small business. In the beginning – its just you! So, it’s up to you to get the word, and your face, out there.
3. Communicate Tactfully + Intentionally.
Each message that you send out about your brand matters. You need to have a solid elevator pitch down by heart in case anyone asks you what you do. You don’t want to flub in the moment because you aren’t prepared with an easy rehearsed answer. This goes double for what you post on social media – be intentional with each post and message.
4. Take Calculated Risks.
If you’re an entrepreneur, you should be getting used to taking on certain risks; however, some risks aren’t worth making. Be sure you’re weighing the risks and liabilities with the possible end results. And in case things go wrong, have a backup plan.
5. Use Social Media.
Social Media marketing has exploded after COVID when everyone was online all day, every day. Capitalize on this and invest in time and effort coming up with a marketing strategy and plan. Be sure to make your social media accounts and posts worth reading.
The Top 5 "Don'ts" of Starting a Business:
1. Rush in without a plan.
Rushing in without a plan can be extremely dangerous and can lead to a crash and burn on your social media and customer engagement. Having a well-researched plan and strategy will help you achieve your financial goals.
2. Work too hard for too little.
In the beginning, it’s common for female entrepreneurs to undervalue their product or service’s value/price. Don’t be one of those women! Research the competition and see what the market’s price range is (and don’t forget discounts and sales pricing too!)
3. Take Your Sole Opinion as Fact.
Always be on the lookout for new ways to learn and grow in your industry. Never stop learning and never take your own opinion as the ultimate – as fact.
4. Let a failure stop you.
My personal top tip - failure is a stepping stone for opportunities and learning. When you’re first starting out, you’re bound to have a few mishaps or missteps. That’s okay! Learn as much as you can about your failure and why it happened, so that you don’t repeat it! Never let a failure stop you from you dream – it takes many successful people repeated tries to get it right. It’s not just you!
5. Don’t open a storefront without an LLC.
The liability that comes with a physical office or store space is astronomical if you do it without business entity protection. Don’t be a dummy – and get that LLC before you sign the paperwork! A slip and fall could cause you to go belly up before you even really get going!
If you need help choosing the right business entity or help with any of these other do’s/don’ts, reach out to me and I’d be more than happy to help you out!
Excited to start your own business now?
But, don't know where to start?!
If you're thinking about starting a business and want to be your own boss, but don't know where to start -- check out my Business Starter Kit.
The Business Starter Kit shows you how to start a business step by step and includes templates as well as information on the different types of business entities, how to fund your start up, and SO much more!