Being an entrepreneur is probably the hardest job in the world. We have a passion about something that we want to share, something that we think will make a difference. But so often, we're either going it alone or with a very small team. As a result, we have to wear all of the hats: Chief Marketing Officer, Sales Rep, Widget Maker, Service Provider, Guest Relations, Financial Officer, HR Department, CEO, and janitor. And if that's not enough, there's still life outside of the business! Many of us are still spouses, parents, caretakers, community members, hobbyists...
So what happens when life happens AND you have a business to run?
Is your business or non-profit structured properly? Is it built on a solid foundation?
These seem like simple enough questions. You set up your business or non-profit, and as far as you know, things are going smoothly (or at least as smoothly as they can be in the world of entrepreneurship). But what problems might be lurking just beneath the surface?
There are certain things we look for when talking to a new client to make sure the business or non-profit at least has a basic foundation in place. Without this foundation, none of the other legal work we do will matter.
As a business attorney, I talk to all kinds of entrepreneurs about both their passions and their struggles. Going out on your own to pursue your passion is scary stuff. (Spoiler alert: The fear never goes away; you just get better at working through it.) So here are five legal tips that that will help every entrepreneur spend more time pursuing their passion and less time worrying.
1. Surround yourself with the right people. I tell every prospective client that a business owner must have a relationship with certain key advisors: your business banker, your accountant, and your business attorney. But you should also surround yourself with like-minded people who have achieved what you’re trying to achieve—other business owners that you respect and trust. These are the people you will most likely turn to for advice and referrals.