Deciding to hang your shingle is tough.
Here are 10 questions to ask yourself before going solo:
1. Am I better off working for someone else? Some very good lawyers benefit from the corporate structure of a firm and would be lost without it for a variety of reasons including support, money, and things being done for you.
2. Can I be my own boss? Being your own boss is hard. Sometimes you’ll be too hard on yourself. Other times not hard enough.
3. Where am I going to get clients? Clients are the lifeblood of any practice.
4. What is my support system? Oh you’ll need help. Who in your family or circle of friends will be there to support your decision?
5. Do I have enough money? Surviving the first year is tough. Undercapitalization will lead to loads of stress and bad decision making.
6. Does a partnership make sense? One the plus side having a partner feels like the safer decision and it can be. Having someone else to split the work with is great. However, entering into the “wrong” partnership can take a toll on your business and well being.
7. Is my spouse on board? Your spouse is your partner in this. Is she comfortable with going without a paycheck? Does she understand the risks/rewards?
8. What can I outsource? I built my firm’s entire back office, website, and social media presence. I knew I could do those things. Setting up quickbooks, figuring out taxes – I hired an accountant.
9. Am I prepared? You shouldn’t just go from idea to shingle. You should study, execute, and then hang your shingle. Follow good advice.
10. How am I going to deal with success? You will succeed. What’s your plan for dealing with it?
Ryan McKeen is A Connecticut Attorney he can be reached at (860) 471-8333