Is it Time for you to Start a New Company?

Close up of hand with laptop and social media iconsAlthough there is never the “perfect” time to start a new business, it is important to consider whether you are prepared to step into the world of being an entrepreneur. Below are a few questions you should ask yourself:

Can I focus on the business?

If your life is going through a multitude of changes right now, it may not be the best time to start a new business venture. You want to be able to give your start-up company your best and you will have to be flexible. It is essential that you are honest with yourself about whether it is the right time for you to take on a new challenge.

Can you sell?

All new businesses must be marketed or sold to others. Whether your company sells a product or provides a service, you must have a certain level of salesmanship skills in order to succeed. You must convince others to invest in your company or persuade consumers to buy what you are selling. It is imperative that you have the confidence to sell yourself and your business to others.

Do you have sufficient funding?

One of the main reasons most people do not become their own boss is the lack of sufficient funding. Starting your own business involves financial risk. For many individuals, it means keeping their full-time job while starting their new company on the side. You may be required to obtain investors or take out a loan in order to have adequate funding. Thus, many financial advisors recommend that entrepreneurs have six months to two years of savings in order to cover their living expenses before starting a business. Each individual must decide where their own comfort level is and when they are ready to jump in with both feet.

Do you have help?

Don’t make the mistake of thinking you can do everything on your own. Attempting to figure everything out without help will be a waste of time and money. Take advantage of the numerous resources available to small business owners. Learn from other people’s mistakes so you face fewer obstacles on your journey.

The Swenson Law Firm is located in Sacramento County and we proudly serve businesses of all sizes from all over the State of California. Contact us today to learn more about how we can assist you with matters such as trademarks, defending lawsuits, business formation, contract negotiations, hiring employees, and protecting your intellectual property. With our years of complex business trial and litigation experience, we are an effective, efficient and affordable choice in representing you at the bargaining table and in the courtroom.

 

 

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