Council Post: You Want To Start Your Own Business. Now What?

Kimberly is the founding partner at Anderson & Boback, a family law firm. She handles all areas of family law and speaks on these issues.

Starting a business, no matter which kind, has some common elements. Most entrepreneurs long to be their own boss and do things their own way. I wish it were that easy, but as the founding partner of my law firm, I’ve learned there are a lot of factors to consider to make sure you (and your business) are set up for success.

Get a mentor.

If I were to start my law firm all over again, I would get a mentor from the beginning (and make sure that mentor was in the same business). The decision to get a mentor is not only a good idea, but also that person could be a lifesaver. A good mentor can help you decide what software you need, alert you to what land mines to avoid and be your sounding board for problems that come up. I did eventually get a mentor, but I had already started my own law practice by then. That said, it is never too late to put a mentor in place. It was one of the best decisions I made.

Resolve to work long hours.

In the beginning, you likely won’t be able to hire a lot of help. You’re the marketer, the person who pays the bills and the person doing the grunt work. No job is too small for you, and it is going to take a lot of your time. It’s important to keep the demands of starting a new business in mind. In my experience, in the beginning, a startup can consume much of your life. Once it grows, you’ll be able to hire others to help you.

Determine who you’ll hire first.

Once you’re in a position to take on new employees, you’ll need to figure out which roles are priorities to fill. From my perspective, the first people you will likely want to hire include an accountant and other business professionals to make sure you are abiding by tax laws. I used to prepare my own tax returns and the slew of quarterly documents that the IRS requires. It took a spreadsheet to keep track of them all, so I was relieved to turn that job over to a professional who I knew would do it right.

Don’t be afraid to invest in technology.

Admittedly, I was not a person who immediately embraced technology. But when I realized the benefits I might see from doing so, I decided to invest. The first thing I did was buy a practice management program, which allowed me to store and track documents, court dates, motions filed, information about clients who called me and people I met, etc. 

If you’re hesitant about embracing technology, remember that there is nothing like being organized in your business. Think about if there are any areas where an automated program might be able to help you. If your business is young and your sales are the slower side, you will have time to learn whatever program you choose and use it to your advantage.

If you bring on a partner, make sure they’re the right person.

Once I was in business for two years, I convinced my law school friend to join me in the firm. That was a great year. I no longer had to call her office to brainstorm a new idea or to problem-solve with her. Now, she was right down the hall.

Bringing in a partner had its challenges, though. We did not know it at the time, but we were extremely different from each other. I was impulsive and fast to act, while she was more cautious and levelheaded. When I wanted to run full speed into something, she was the one who helped me slow down and think about it for a while. When she was hesitant, I was able to encourage her. And it worked.

We have been partners now for 17 years, and the firm continues to thrive. If you are going to bring on a partner, it is a lot like getting married. Have discussions about how the business will be handled to make sure you are a good fit for each other.

Learn something new each year.

My partner and I have decided to implement some sort of new practice or technology every year. We got the idea at the yearly program the Illinois State Bar Association puts on for solo and small firms. I remember the first year we went; we came back with at least 20 different ideas for what we wanted to change in the firm. 

That first year, I don’t think we changed a thing because we were overwhelmed. But the next year when we attended the program, while we still took home 20 ideas, we agreed to implement only one major change. This helped make our goals much more manageable. Each year, we go back and choose only one idea that will help improve the practice. Do the same for yourself. To avoid becoming overwhelmed by the possibilities, focus on one thing at a time.

Owning your own business can be hard. It is exhausting, and it requires every bit of strength you have (and maybe even some strength you did not know you possessed). But it might also be the best decision you ever make. This practice or business is yours, and owning it will make you proud of what you can accomplish once you put your mind to it.

 Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?