The following was penned by Shahrina Ankhi-Krol, a new contributor to Fairfield HamletHub, and the owner of Manhattan-based Ankhi-Krol Law.
4 Things to Consider Before Starting a Business
1. Timing
Starting a business is not easy. The amount of work, time and planning that must go into starting a business is significant. You must make sure that you have the resources to start it. A few questions you must ask yourself:
a. Do I have enough savings to support my lifestyle for at least one year?
b. Do I have a concrete plan for my business?
c. Do I have enough time to network or otherwise market my business?
2. Business Plan
Many entrepreneurs are scared of creating a business plan even though it is one of the crucial building blocks to their businesses. Some of the biggest misconceptions about business plans are that they have to be elaborate, complex and a written-in-stone masterpiece. None of those are true. Think of business plans as a think-out-loud soundboard. Business plans enable you to visualize your business, spot weaknesses, allocate costs, anticipate pitfalls and determine its viability. Business plans are not static or permanent. They are meant to be ever-changing to fit the evolving needs of your business. So, don’t be afraid. Simply start writing – even if it’s bullet points.
3. Type of Business
There are various types of business entities and each type has unique characteristics. Accordingly, not all will be appropriate for you. You must determine the current and future goals for your business, explore the start-up costs and consider tax implications prior to starting your business. Before making your final decision, it is advisable to seek the help of a professional, such as a lawyer, who can explain the differences, and pros and cons of each type of business entity.
4. DIY v. Hiring Professionals
In today’s ever-popular do-it-yourself (DIY) culture, many entrepreneurs decide that it’s in their best interest – monetary or otherwise – to do everything on their own. With the vast amount of information available on the internet, many entrepreneurs feel that their online research provides them with the knowledge necessary to tackle any and all business start-up necessities. Additionally, because funds are usually limited, many entrepreneurs are attracted to free advice from professionals such as lawyers and accountants. After gathering as much information they can from the internet, their friends and free professional advice, these entrepreneurs attempt to handle all aspects of their business, including legal work. While some are successful, many make irreversible or costly mistakes. By the time I see many of my clients, they are in dire need of “legal fixing.” Consequently, they end up spending more time and money than they would have if they hired a legal professional from the start. So, consider the potential price tag of a mistake before deciding to “do-it-yourself.”
Ankhi-Krol Law is a boutique law firm located in the heart of Midtown, New York City. The firm takes pride in working with all types of businesses in the areas of business law, contract law, trademark law and copyright law.
Shahrina Ankhi-Krol started Ankhi-Krol Law ( www.ankhikrollaw.com ) with the goal of providing legal representation to small business owners after noticing that they are often uninformed or ill-informed of the law. As a result, they either attempt to solve their legal problems on their own or do nothing at all. Both courses of action are dangerous, as “un-doing” a legal mistake – either through misfeasance or nonfeasance – costs more money and time than would have been spent if the business owners obtained legal counsel from the start. Ms. Ankhi-Krol not only provides legal representation, but also provides business counseling to her clients in order to identify and address small problems before they become big problems.
Ankhi-Krol Law
112 W. 34 Street, 18th Floor
New York, NY 10120
Phone: (212) 502-6734
Website: www.ankhikrollaw.com
E-mail: info@ankhikrollaw.com
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DISCLAIMER: This article does not constitute legal advice, nor does it create any attorney-client relationship. This article expresses the personal views of the author and does not represent the views of the author’s clients.