Lots of people think, “I have a great idea for a business!” But we often have a tendency to wait and hold off on taking the initial steps toward bringing that idea to a reality. The most common excuses are time and money.
Time is a valuable commodity and we never seem to have enough of it. So you may think it’s wise to wait just a little bit longer on that great idea until the time seems right, until you have more time to dedicate to it. Ultimately, though, the longer we sit back and wait for the right time, the less likely that time will come. Make the time now, develop that business plan, talk to people running similar businesses, and you will benefit from it down the road.
Money, too, is valuable and in short supply. But you don’t necessarily need a $5 million bankroll to get your business up and running. There are great opportunities for financing out there. The SBA provides loans to qualifying small businesses. And if you invest the initial contribution into your business, you may find yourself in a good spot when the time comes to look for investors. Careful planning and consultation are important before acquiring financing, but the option is out there.
That doesn’t mean it will be easy, quick, or cheap. To do something properly often means hard work, long hours, and planning to get through the red months until the ledger turns black. But with proper and careful planning (and lots of hard work with a little luck), you may be able to do just that.
Proper planning typically includes implementing a good infrastructure and looking out for legal pitfalls. This means that, even though it is another cost, consulting with and engaging a business planning attorney may need to be one of your early costs to put your business in the right place to succeed.
A good business planning attorney can help you:
- Assemble that legal foundation for your business
- Produce the documentation and infrastructure needed for careful planning and legal compliance
- Be a valuable resource and relationship as your business grows and develops
So as you go through the formation stage of your business or as you consider financing options, take the time and spend the money to consult an attorney.
I am an attorney, so of course it will seem a bit disingenuous for me to be recommending attorney consultation. But, the time and cost of legal advice may be well worth it during many of life’s biggest events. And risks. And business is a risk. Remember, there is no time like to present to implement your business idea and get things going. The time and money involved are certainly important to consider. And there is no guaranty for success; not all businesses succeed. Even ones with great ideas can struggle or fail. But, the more you plan now, the better off you will be. And that includes legal planning as well.