At Bryant Taylor Law, we understand the excitement and passion that goes into starting a business. We hear from clients all the time who are ecstatic to get into the business formation process, but we also know doing so without being flexible can derail the entire plan.
Ultimately, starting a business is more than just having the means and the vision to do so. It’s a crowded field of startups, small businesses, and big businesses, so competition will be aplenty. If you’re not flexible with your plan, you could tunnel yourself right to the bottom of the pile. So, let’s look at some ways you can be flexible to help your new business thrive.
Financial flexibility
Your business costs will be quite high through the startup process, but it’s more than just the startup costs that you should consider. It may be a long time before your business starts turning a profit, so you will likely be putting far more money in before you ever get to take any out.
We will always tell clients to set a budget and try to stick to it, but it’s important to have flexibility beyond your budget. If your budget spends every dollar you have, you’re setting yourself up for failure. Create a budget with plenty of wiggle room for the unexpected expenses that come along. It’s also important to recognize that sometimes you’ll spend less than you planned, so you should be flexible enough to think on your toes when additional funding becomes available.
Research flexibility
Startups are passion projects with a lot of thought and consideration. It’s likely the field you’re going into is one you’ve spent a lot of time and energy on, learning the most you can along the way. However, business is an ever-changing field, and keeping up with those changes will be necessary to keep your business thriving.
We want you to budget time through this process to take on new research and keep an open mind to how new research can impact your startup. The problems your business aims to solve could evolve and the solutions to those problems may, as well.
It’s important to be resolute in your goals and ideas but never let your vision die because the world passed your idea by.
Schedule flexibility
This one almost goes without saying, but you’re going to need to be available at all times of the day. You’re going to meet with a lot of people and organizations through the startup process and in the early stages of your business. Some of those people will be in different time zones or only have availability at odd hours of the day. Don’t box yourself in with 9-5 thinking just yet.
There are going to be some long days on your schedule over the next few months, and we want you to be sure you’re taking care of yourself during that time. Be ready to take on anything, but it’s important to know your limits and not overextend yourself. If you don’t have the energy to carry the weight of a new business it’s only going to make the process harder!
Legal flexibility
There are hundreds of laws that govern startups and businesses alike. If you’ve gotten this far, it’s likely you’re already well on your way to educating yourself about the law. However, laws are constantly changing, and even, in some cases, old laws are being interpreted in new ways.
At Bryant Taylor Law, we want to make sure you’re always in touch with the latest laws so nothing can get in the way of a successful business plan. Contact us today to get your business off the ground and stand out from the crowd!
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