Calling all Entrepreneurs! I need some advice

[shootingstar]

Great advice in here.

I recently quit my job, after almost 20 years practicing as a litigation attorney with various law firms to start my own mediation/dispute resolution practice. I have been building the practice up over the last 4 years, and have a good amount of work to start with, but even so the actual leap to self-employment was pretty scary.

Do you volunteer for any boards for non-profits? Granted you don't want to give away expertise free but it is soft networking. Even better for a pet passion of yours. (Sorry, forgot that it is cycling among other things. )

I know one woman who has been running her own biz for nearly 15 yrs. She is one tireless self-marketing cookie and knows how to spin a casual but fun line about her biz. She's managed to get herself on local and national tv, radio and newspaper. Even international press coverage. She got burnt out for a yr. or so. Took off cycling solo somewhere in the Carribbean before returning to biz.

She runs a local walking tours company. Sometimes she does bike rides. It's not an easy biz to stay afloat.

[maillotpois]

Do you volunteer for any boards for non-profits? Granted you don't want to give away expertise free but it is soft networking. Even better for a pet passion of yours. (Sorry, forgot that it is cycling among other things. )

I know one woman who has been running her own biz for nearly 15 yrs. She is one tireless self-marketing cookie and knows how to spin a casual but fun line about her biz. She's managed to get herself on local and national tv, radio and newspaper. Even international press coverage. She got burnt out for a yr. or so. Took off cycling solo somewhere in the Carribbean before returning to biz.

She runs a local walking tours company. Sometimes she does bike rides. It's not an easy biz to stay afloat.

Great ideas. I am on all of the local court volunteer panels, on the board of a local bar association ADR section and I volunteer a lot of time coaching for Team in Training. Not sure what else I can fit in just now but I will certainly keep my eyes open.

[Mr. Bloom]

I'm a banker...I oppose going into "big debt" as you say. I'm rushed now, but will post more later.

[ASammy1]

Thanks so much everyone for all of your words of wisdom! I certainly have a lot to think about!

[Geonz]

Have you written up a business plan? All that research, etc, about your product/service, its niche, the competition, and the grim and gory details about the revenue streams?

I am a partner in a business but we did it in a "don't quit your day job" fashion, and then got day jobs, so it is still a *very* small business. (Doing it, though, helped with getting the good job.)

[smilingcat]

Timely post!! I got laid off on Tuesday... so been thinking about what to do next.

while thinking about a business plan, figure out your "burn-rate" cash you require to start up a biz. Some are non-recurring others are recurring and see how much you need month to month and over next two to three years as part of your biz. plan.

Now that I'm laid off, I spent most of yesterday looking at my burn-rate and how to change it. A very good exercise. I'm not worried too much now.

Being uber cheap and frugal helps.

Oh if you are starting your own biz. If it is a brick and motar, learn to do lot of the simple things your self. Setting up a POS system, computer network... multiple phones... even simple plumbing (saves a lot)... And make sure you know what permits, licenses, liability insurance (minimum is one million dollar) are required.

Have both eyes wide open when you jump in. You don't need to be blind sided by some unexpected thing.

[TxDoc]

You can find a lot of helpful information and resources at www.openforum.com
Best of luck!