4 Tips For Start-Up Businesses That Will Ensure Your Venture Is Off To The Right Start

You would be surprised at the number of people I have refer to the name Kevin O’Leary in my office when they refer to their own Business Startup / Formation plan. This is the mastermind behind the ABC show Shark Tank. He regularly engages in conversation about how he acquired his millionaire status and how he wants to help others do the same. According to O’Leary’s own words, the world should have many more clones of himself in order to bring structure to the financial chaos people are driving straight into.

I advise my potential and current clients of the same few points whenever they refer to him. He is not them and every single business venture is different. So for him to blanket them entirely, is an incorrect maneuver. I make sure to leave them with some parting advice. Here is 4 tips for start-up businesses that are vital to getting the correct foundations in place.

  • Your life will belong to your business venture for about the next 3-5 years. Make certain you have the time, solid family and support base, and money to sustain yourself for that long.
  • Channel Sir Alan Sugar (U.K’s The Apprentice) and be secure enough to say ‘You’re Fired’. During a Business Startup / Formation plan there is no room for dead weight. If you have an employee who resembles that remark be prepared to cut them lose.
  • Do not deviate from the goal. Your goal is to build a successful business. Do not set expectations that are so unattainable you know you will not reach them immediately after making them. This sets you and your business up for failure.
  • Make sure you are going after something you enjoy. You need to love your own idea, if you don’t no one else will. Also if it is an idea that you love you will do everything in your power to see it be a success.

When you are ready to discuss your new Business Startup / Formation plan and get it started on the right foot give the office of Abrate & Olsen a call at 916-550-2688. One of our experts will be happy to sit with you and go over options. You can also find our contact information here.

Abrate & Olsen specialize in Estate Planning, Business Formation, Commercial Debt Collection, and Criminal Defense Law.