Anyone here ever started their own business?

[MassNole]

I am currently in the process of starting my own business with at least one other attorney and we are meeting tomorrow with another girl to see about joining us. So my question to my fellow OSers, have any of you either successfully or unsuccessfully started their own business? Any tips for early success? Any things I should avoid doing?

We found some great office space for about $700/mo which includes heat (that is big in Massachusetts), we would cover utilities (power, phone, internet).

[23]

Re: Anyone here ever started their own business?

Main thing is to make sure you have a solid business plan

Only talk to people who's been either successful in business or in the business you're getting into about things you need to know

Most businesses that fail do so in the first 3 years so just do your thing and don't be discouraged

...btw, are you selling products or offering a service?

[RAZRr1275]

Re: Anyone here ever started their own business?

Main thing is to make sure you have a solid business plan

Only talk to people who's been either successful in business or in the business you're getting into about things you need to know

Most businesses that fail do so in the first 3 years so just do your thing and don't be discouraged

...btw, are you selling products or offering a service?

He's being an attorney so I'd assume that that would be a service.

[MassNole]

Re: Anyone here ever started their own business?

Main thing is to make sure you have a solid business plan

Only talk to people who's been either successful in business or in the business you're getting into about things you need to know

Most businesses that fail do so in the first 3 years so just do your thing and don't be discouraged

...btw, are you selling products or offering a service?

I am starting a law partnership. My logic is that if we go in with our names as solo practioners that doesn't build much confidence, whereas multiple names on the door gives a more professional feel.

[RAZRr1275]

Re: Anyone here ever started their own business?

I am starting a law partnership. My logic is that if we go in with our names as solo practioners that doesn't build much confidence, whereas multiple names on the door gives a more professional feel.

Sounds good. Good Luck!!

[daflyboys]

Re: Anyone here ever started their own business?

I am starting a law partnership. My logic is that if we go in with our names as solo practioners that doesn't build much confidence, whereas multiple names on the door gives a more professional feel.

Hey worked for this group!!

(Seriously though, Good Luck!)

[23]

Re: Anyone here ever started their own business?

I am starting a law partnership. My logic is that if we go in with our names as solo practioners that doesn't build much confidence, whereas multiple names on the door gives a more professional feel.

Sorry about it that, i misread, but thats sounds like an excellent way to approach it. There are too many lawyers out there for you not to be able to find any answer you need.

[MassNole]

Re: Anyone here ever started their own business?

I have good relationships with 2 different lawyers who practice the same law I will be practicing. I am going to join the Bar Advocates list and do some work in the Juvenile Court along with some criminal defense work and domestic relations. My partner will be focusing on some other areas. I also have some friends from law school who may join once they pass the bar.

[PVarck31]

Re: Anyone here ever started their own business?

I started a pooper scooper business once. Put my number and add on craigslist but no one called.

[KG]

Re: Anyone here ever started their own business?

1)Make sure that you bust your a** trying to establish a high quality of service. Word of mouth is the best advertising.

2)Hire a hot recepetionist. If #1 fails then you always have her to look at when business is slow.

Good luck to a fellow noles fan.

[ehh]

Re: Anyone here ever started their own business?

Be VERY careful in who you chose to involve in starting their own company. When my father and I started our company he hired a few people used to work with at AT&T and they did not have the entrepreneurial mindset. They were used to a big corporation and they wanted to be told exactly what to do and when to do it, there was no creativity, no motivation, no hard work.

Being a lawyer it's probably different since you'll handle your own cases, but it's still something be weary about.

[Trevytrev11]

Re: Anyone here ever started their own business?

One thing that will benefit all of you the most is to hire a smart accountant/book keeper. A competant accountant will be able to save you thousands upon thousands of dollars a year just by understanding local tax and business laws.

You'll be amazed at what you can right off and claim as an expense to the business. Besides the obvious things like Rent and Utilities, things like meals, trips, golf outings, computers, office equipment can all be credited against your expenses to lower your tax burden at the end of the year. Many items that you will have to have can be deprciated as well again going against your taxable income.

If the three or four of you can agree on a single accountant, the cost will be extrememly affordable to each of you and the benefits will be a huge benefit to the success of your company.

[auburntigersfan]

Re: Anyone here ever started their own business?

Just remember this, people don't care what you know, they just want to know that you care. When talking to people you work with and all it isn't as much about you know, they wouldn't have hired you if they didn't think you knew what you were doing, they care more about knowing that you care. It's about building relationships. You should already have the technical part figured out.

Just a little tidbit of advice, I'm sure being an attorney a lot of the job is building relationships and contacts, especially when first starting out.

[jhartman01]

Re: Anyone here ever started their own business?

I am currently in the middle of starting my own business right now. Things have progressed nicely as I will be having my first event on August 2.

The biggest thing I can tell you is that it is imperative to do research. Check demographic studies. Check the yellow pages in the area you want to start your firm and see how many lawyers there are in your area that offer the same services you plan on offering. If there are some that are going to do what you do then find out their rates. Always check competitors because people want good rates but making them too cheap means you're struggling for business. Also, specialize before branching out. If you spread yourself too thin then it can cost you down the road. Focus on one area of expertise first and make that your thing and then progress. If competitors in your area are offering a service that is unique then find a service you can offer that may be more unique than your competitor.

Market yourself. And yes, word of mouth is the best way to advertise. Always be professional. Find a good accountant.

I hope this helps a little. I'm offering a service and I chose to start a LLC with myself as the sole member. I'm not sure how things work in the law field but these tips worked for me.

[ehh]

Re: Anyone here ever started their own business?

Agreeing with what others have said, word-of-mouth is the best marketing for a small business. You obviously aren't going to have a big marketing budget so you'll have to be creative. Chamber of Commerce networking events can pay dividends but a lot of people around here use it as a Happy Hour/social event. But if you stick with it you can earn some business out of it and having your face out there really helps spread the word and get you some pub.

Also, I'm sure you know this, but in small business it's more intimate than corporate BS. Always return phone calls quickly, always be straight up with people, don't offer some BS answer, show you're very responsible, etc. Of all the problems my business has faced over the last three years I have found that as long as you man up to the problems and be honest with your client 9 times outta 10 they will be understanding and appreciate your communication. There is nothing worse than when things go sour for a while and you "run and hide" from a client.