It is hard to believe that, just one week ago, Laura and I (Amy) were getting ready to present at the Small Business Summit presented by our incredible marketing team at Chic Way Media. The presentation was an awesome experience for us, and moreover, it was great to hear from other women professionals sharing their insight on what it takes to start a new business and what tools you need along the way. Plus, for the first time in a very long time, we were able to attend an event in person and not just virtually!
To recap our presentation, Laura and I described the factors to consider when deciding which legal entity structure works best for your business. These factors include, but are not limited to, flexibility, complexity, taxes, control, funding requirements, and liability. We discussed how each of these factors plays out in the context of the following four business entities – sole proprietorship, partnership (general and limited), limited liability company, and corporation. Lastly, we discussed the benefits of speaking to an attorney early and often when it comes to structuring your business. This includes not only the formation or incorporation of the business entity itself, but it also includes what kinds of agreements you should draft and implement, such as partnership agreements, operating agreements, and shareholder agreements. When you are building out a team, you will also need to consider what employment contracts suit your business best.
We also heard from incredible women on various topics, such as creating a business plan, mindset and thought work, financial planning and budgeting, alternative income source streams, and social media marketing do’s and don’t’s. These presentations spanned the entire afternoon, and while sitting in one place for four hours straight may not appear attractive, I am not exaggerating when I say that each of these women were engaging, so much so that the afternoon flew by and left me wanting to hear more from each of them!
Even as Laura and I approach the one-year anniversary of our firm together, I know we both walked away with more information and further tools to guide us in our own business venture together. It also reaffirmed some of the running themes that we have in our own vision, content, and conversations with our own clients. For example, it is important to plan for the worst when things in your business are going the best. This is usually at the start of the business idea – when you or you and your partners are energized to tackle this new venture. It is the best time to set your intentions for the business and also protect it by creating reasonable contracts to guide how the venture will grow in the future. Another example of a tactical tip we learned is to always look for opportunities to create multiple sources of income. Depending on the kind of business you have, you perhaps can do this within your own singular business model and generate additional streams. You can also look to expand upon your skills and monetize them in other ways. For example, you may be a practicing attorney who loves to write motion papers or argue appeals. Thus, while you are running your own practice, you also may take on per diem work from other attorneys who need help in drafting motions. Or, you could submit articles to law journals or legal publications on a per diem basis. Overall, hearing these presentations last week helps reinvigorate the creative juices in realizing there are always ways to expand or pivot your business based on your circumstances, your passions, and your resources.
If you are interested in seeing the presentations from last week’s Summit, please feel free to reach out to us at info@catinamara.com!
Disclaimer: The information contained in this post is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls and communications. Contacting us, however, does not create an attorney-client relationship.
