Texas Business Attorney

Your New Business – How to Get Going and Keep Going

Many small businesses are founded every year for many different reasons. Some are started by retirees who want to keep busy, others by veterans of the corporate world who are sick of working for someone else. Still others are chasing a lifelong dream, or capitalizing on a newfound talent, or simply trying a different way to make ends meet. Whatever the motivations of a new entrepreneur are, the basic goal is simple and unchanging – success and sustainability. No one starts a business with the intent to fail – either right away or in the near future – and yet, every year, thousands of hopeful businessmen and women watch their investment crumble around them and wonder what went wrong.

There are countless numbers of self-help and guide books for the budding entrepreneur. Many contain highly specific and detailed business strategies, models, and guides. While these are well and good and often very useful, much of maintaining a successful business is mental. Knowing what to focus your attention on can be just as important as knowing how to write a correctly formatted memo.

Choose a Compatible Partner

There is more to choosing a business partner than credentials. No matter how savvy a businessman your partner may be, if the two of you cannot work together for the same goals and see eye to eye on important issues, you are doomed to failure. When choosing a partner, after checking out their resume, be sure to consider their personality, goals, values, and tendencies. In many ways, picking a business partner is a lot like making a friend. If you choose a partner who is incredibly intelligent and competent, but is closed-minded and insists that things be done his way, you will quickly find yourself shut out of the workings of your own business. Make sure that you and your business partner get along before starting anything together.

Don’t Lose Sight of Profit

Strange though it may seem, many new entrepreneurs seem to lose sight of the primary goal of any business – profit. True, a person may found a business to follow a dream or simply occupy their time, but the reality is that a business without profit cannot survive. Another common mistake is to assume that profitability will come “eventually.” If you fail to design your business with an eye on profit now, don’t expect it to fall into your lap later. Keeping your focus on profit will allow your business to grow and thrive the way a business should.

It’s All About the Research

Never underestimate the power and importance of information. Before you start a business, research your market and product to make sure you can sell what you produce. During operation, research to fix and improve your business model and marketing strategy. Not only will having good information help you operate your business efficiently and profitably, it will also improve your chances of securing loans, grants, or investments. People want to invest in well-informed and well-designed businesses. Show them that your business is just that.

Of course, there is more to business success than just the tips mentioned above. To learn more about starting up and running your business, call an Austin business lawyer today at 512-472-2431.




Centrally located in the Arboretum area of north Austin, the Slater & Kennon law firm represents clients in Travis County, Bastrop County, Burnet County, Williamson County, and Hays County, including the cities of Austin, San Marcos, Bastrop, Burnet, and Georgetown.