As a lawyer and an attorney, owning your own law firm is the dream, right? You studied and worked so hard at law school with this always as your end goal. Owning your own firm or practice is a viable option for every law school graduate as long as you make smart decisions along the way. Money is often tight for startups, so the Golo Legal team have created a list of money tips for startups.
1. Set Realistic Financial Goals
Dare to dream but don’t be dumb about it (and we mean that in the nicest way possible.) Budget, forecast, and speak to a financial advisor. Be smart and be practical. There’s nothing worse than being disappointed, and disappointment is often one of the biggest mental elements for failure. Let’s avoid this at all costs!
2. Business and Pleasure Don’t Mix
Many business owners are guilty of this, and while you are creating your startup, we recommend NOT doing this. Don’t borrow money from your business for your holiday, your house renovations, your new car, your new boat, or anything in between. There’s plenty of time for that when your law practice is established (we don’t recommend this either, but you do you).
3. Frugality Is Key
Being frugal is not a sign of weakness, it’s a sign of a good business owner. One value we live by is jiggle room and adding fat. “What?” I hear you say? Always add jiggle room and fat into your budget. Increase your costs by 30%. When purchasing things, attempt to get a 30% discount. It’s just what needs to be done during startups. This is one of our biggest money tips for startups, period.
4. Emergency Fund
These are words to live by, even if you don’t own a startup or a business. Create an emergency fund and do not dig into it. Add to it when you can, and you’ll be thankful for it on a rainy day. Trust us; you will have more than one rainy startup day.
Golo Legal aims to provide everyone with quality legal service offerings for a price they can afford. Why should you or your family choose between cost vs. quality? At Golo Legal, our solution is to connect local attorneys with consumers in a way that has never before been available. Golo Legal has turned the legal marketplace on its head and leveled the playing field for individuals and businesses in need of legal counsel. If you would like to get started with Golo Legal, click the button below.
Photo Source: [Jacob Ammentorp Lund] Thinkstock