So, You Want To Start A Business!? - Part I - a podcast by LBW Wealth Management

In this Part I of “So, You Want To Start A Business!?”, we talked about the cornerstone of starting a business and the preparation phase.  Before you start a business, it’s important to ask yourself: why am I doing this, and who is my audience?  Almost as soon as you start your business, you need to know how you are going to exit.  Why so early to think about exit strategy, you ask?  Because how you exit depends on whether you run it as a lifestyle business or an enterprise business.  As for the preparation, go through your daily financial life with a fine-tooth comb and figure out what you need to make, and what you hope to make.  Know this: for the first couple of years, your business may not be as rosy as you want it to be and something (if not most things) will go wrong.  In LBW’s experience, entrepreneurship is a family affair - even if your significant other is not actually a part of the business.  Without their support, you can’t make it, at least not without sacrificing your personal life.  Selecting the right business partners are another critical piece.  Dan, Tim and Nathaniel couldn’t have been more lucky to have found each other.  We have different skill sets, and the same understanding that what’s good for the team, is what’s good for the individual!  For Part II’s episode, we will talk about positioning (how to actually set up the business) and resources.

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