Is Now a Good Time for You to Start a Business?

Often, the start of a new year can raise a lot of different feelings in us. What do I want to change? What are my goals? Will 2016 be the year I actually use my gym membership?

You may have turned the corner into the new year determined to cease working for “the man” and ready to strike out on your own. If so, congratulations! While deciding to start your own business is an exciting idea, it’s also important to remember that it’s a significant undertaking, no matter the scale.

Several steps are involved in starting, getting up to speed, and then maintaining your new company. The most useful thing you can do at the outset is make sure you’re as ready as possible.

If the new year has indeed gotten you up close and personal with a switch over to the entrepreneur track, consider these things first.

Jumping in with both feet to a new business takes commitment. Do a gut check: are you passionate about your idea? Do you believe in it so deeply that it will carry you through the long hours and lean times in the start-up phase? Your business concept doesn’t matter as much as your belief in it. That becomes your lifeblood once the initial excitement has passed.

Ask yourself how well you tolerate risk. Some people thrive on it, but for others it’s more difficult. Your business isn’t guaranteed to succeed, no matter how much you think it will. Factors out of your control such as location, political volatility, or cultural change can make or break a company overnight. Will you be able to deal with the ups and downs that usually come with a business start-up — or even its potential failure?

Starting a business means that you will be chief cook and bottle washer for a while — everything becomes your responsibility initially. You have to get your idea out there in front of people and wear several different hats in the beginning stages: sales, HR, administrative, marketing, financial. Is taking on major responsibility a good fit for you? And are you nimble enough to handle it?

Included under the umbrella of responsibility is the ability to make decisions, many of which can be challenging in a small business atmosphere. Do you wear decision-making well? Is this an area in which your strengths consistently show up?

Lastly, the elusive work-life balance. Any entrepreneur who has started her own business can tell you that you go full speed at the outset, and sometimes it doesn’t slow down as quickly as you would like. You may lose time with family, friends, or hobbies that feed you in other ways. Is this the right time in your life to devote all your energies to this undertaking, and do you have the support of others to do so?

Starting your own business is an exciting ride, and one that should be undertaken with realistic consideration. If now is your time, dive in! And let me know how I can support you.

If you need legal help, don’t hesitate to contact me at the Law Office of E.C. Lewis, P.C., home of your Denver Small Business Attorney. Phone: 720-258-6647. Email: elizabeth.lewis@eclewis.com.

Real Estate Services for Business Owners

Elizabeth Lewis provides the following real estate law services to small and medium sized business owners in Denver and throughout Colorado:

• Commercial real estate purchases
• Legal review of commercial real estate leases
• Protecting your assets