If you are thinking of a career change, find yourself unemployed, or have a friend or family member who wants to start a business with you, the following article from About.com may serve you well. Once you have completed these tasks, consult with a knowledgeable business attorney, like the Gianesin Law Firm, Bryan Gianesin, Attorney, about the proper legal steps to take to start or buy a business. In my experience nearly 75% of all problems and disputes among co-owners arise because they failed to address important issues at the early stage of the business. Here is a summary of the pointers plus a few from my own experience:
- Take your time. If you find out you are going to be unemployed, it is okay to take some time before you start your new job.
- Assess your skills and experience. If you want to stay in the same line of work, you will be up and running quicker. A new venture that requires a new set of skills requires a longer start up time.
- Evaluate your Industry. You need to know as much as you can before you get started.
- Check the Bank Account. Make sure you have enough money to last 6 to 12 months.
- Develop A Timeline. It does not take long to set a realistic timeline and figure out when things should be accomplished.
- Surround yourself with trusted advisers, business consultants, mentors from the industry, and legal and tax professionals.
- Before starting, gets as much input from people with experience in the industry as possible.
If you want to read more about this topic, request a free copy of the 7 Huge Mistakes Business Owners Make. Email me at Bryan@GianesinLaw.com.