Creating, setting up and kickstarting your own independent legal firm or business venture can be an extremely exciting process. Not only do you have the freedom to explore your own ideas and run things how you want, but it can be financially rewarding if successful, too. However, while going on your own path is exciting, it is estimated that as many as 90% of all startups fail, and so there are a ton of pitfalls and issues that you need to make sure you avoid to be in with the best chance of success.
For those interested in starting their own independent venture, we’ve compiled a short guide going over some of the different things that you might want to take into consideration, in building and maintaining a healthy and sustainable financial roadmap. Read on to find out more, and be sure to share any tips/ pieces of advice from your own experience with our community!
Making Clear Goals
Of course, a major first task when you’ve set up your business should be to sit down and think about what you want to achieve, and how quickly you want to achieve it. Whether it’s a personal goal that you want to get to for your own fulfilment, or merely a financial number that you want to reach within a set period, this will help you to hone in your efforts and focus all of your energy towards one common goal, rather than erratically working on different things only for it to end up pulling your business in different directions.
From there, you’ll then be able to start fleshing out an attainable roadmap that you can refer back to when working and bounce off of to ensure you’re on the right track. Remember, this is an excellent way of getting focused in on the task at hand in the early stages of your new business venture, but don’t be afraid to change or alter something if you find it isn’t working properly.
Spending/ Allocating Your Capital
Making sure that you’re putting your money in the right places is another crucial element in running a successful and long-standing firm or business venture. Of course, you should know whether you have the financial capacity to begin a new business venture, and how long you’ll be able to survive for with the amount of money that you have saved. Still, it would help if you also have plans in place for the sorts of expenditures that you will have to have, and so on and so forth.
If you’re wanting to secure yourself financially for the long term, and build up a diversified profile that’s protected in a range of different situations, you may also wish to invest some of the capital that you have available, perhaps in something long term and typically more reliable, such as a property investment. If going down the buy to let route, you could even receive a secondary income stream from a property which you can then funnel back into your business. RWinvest offer a wide range of different guides and services on property investment and getting started in a venture like that if it sounds interesting.
Remember – If you have assets tied up in investments, you may not be able to easily access them as soon as you like, and so you should only put into an investment strategy what you can afford to be without for a while. This could be money that you and your business might need down the line!