Being your own boss and running your own business is the American dream for many of us. While building a business from the ground up can be stressful, it can also be incredibly rewarding.
That being said, success is not guaranteed. In fact, the majority of business startups fail within one to two years. The good news, according to a recent article on business.com, is that most failures are caused by the same basic mistakes. Therefore, avoiding these mistakes can greatly increase your chances of success. The first mistake on the list to avoid: trying to start your business without any help.
As the founder of a business, you will wear many hats: owner, employee, financial officer, sales director and advertising department, just to name a few. With so much work to do and so much diversity of experience needed, trying to take on everything yourself can quickly cause burnout or lead to serious mistakes.
There is, of course, the option to co-found your business with a partner. But that isn't always practical. You may not know a partner you feel you can trust and work well with. But regardless of whether or not you have a business partner, it is a smart idea to seek help from an experienced business law attorney.
Here are just some of the many services a business law attorney can provide:
- Help and guidance in founding the business and choosing an appropriate business structure (sole proprietorship, LLC, etc.)
- Help with initial tax issues
- Legal guidance in writing and enforcing contracts (sales contracts, employment agreements, etc.)
- Securing venture capital
- Buying or leasing commercial real estate
- Compliance with local, state and federal business laws
- Guidance as you grow your business, including taking on a partner or hiring employees
Starting a business is not easy, and keeping it going is even more difficult. But with the help and guidance of an experienced business law attorney, you may find that the process feels significantly easier and less stressful.