Philadelphia Business Lawyer Sarah E. Holmes
  • Home
  • Attorneys & Areas of Law
    • Business Entities >
      • Corporations
      • Limited Liability Company (LLC)
    • Business Immigration
    • Business Purchase or Sale
    • Raising Capital & Investor Agreements >
      • Promissory Notes and Debt Financing
      • Private Placement and Equity Financing
    • Business Contracts >
      • Consulting Agreement
      • Employment Contracts
      • Independent Contractor (1099) Agreements
      • Website Terms and Privacy Policies
    • Copyright & Trademark
    • Hiring Employees/NDA/Non Compete
    • Estate Planning & Wills
    • Commercial Real Estate >
      • Commercial Lease
    • The Right Start Program
  • About
    • Speaking and Events
    • Client Testimonials
    • Privacy Policy/Terms of Use
    • Contact
  • Business Success Tips
  • Flat Fee Packages
    • New Businesses
    • Existing Businesses
    • Dispute Resolution
    • Trademarks & Copyright
    • Estate Planning
  • COVID-19 HELP

Can't Get Away From Your Business This Summer? Then Your People, Your Process or Your Profits Are Out of Whack!

6/24/2018

1 Comment

 
Picture
I just got back from a vacation. My business didn't implode while I was away. There were a few days where I didn't even check email. I didn't take any calls.  For the most part, I felt mentally at peace with being away.

Truth: I didn't take a vacation for the first three years I was in business. I worked every weekend and just about every holiday as well. It was awful, I was totally fried, and my family got way too used to doing things without me. When I finally did starting taking vacations again, they were "working" vacations, where I found myself crouched outside the hotel room door every morning frantically making calls so I still had revenue the next month.  This was no way to take a vacation!  It took five years, but I finally figured it out.

I didn't start a business so I could never be around or get away, in fact, I'd started a business so I could have more flexibility to have the kind of life I wanted. How did things get so screwed up and how did I fix them?  It came down to three simple things that MUST be in alignment: people, process and profits.

1) People: You need to have quality support. It's absolutely critical if you ever expect to go away. You don't need a huge staff toiling away in an office while you're gone, in fact, that can create more problems. What you do need are quality, trustworthy, dependable people that know how to handle things in your absence. If you're a control freak that needs to have a hand in everything, this won't go well for you and you need a major mindset shift. You have to be able to delegate critical tasks that will keep your business running while you're gone. Make sure to have people to cover phones, new business inquiries and existing client inquiries.

2) Process:  Do you have processes in place for handling prospects? For client work flow? For meeting deadlines? If you have processes in place, it makes it easy for everyone to know what is expected of them and when.  If everything you do is reactionary, it makes it impossible to stick to a process. Do you let calls interrupt you all day long? Then you lack a process. Get control of your day, institute processes and getting away will be a piece of cake because you'll be clear about the critical areas that need to be covered on a daily basis to keep your business goingg.

3) Profits: This might go without saying, but if your business is not profitable, you probably don't feel good about taking a vacation. If you are not hitting revenue goals, take a look at why. Is something off in your marketing? Are you spending too much time on project delivery? Maybe you need to get out there and hustle up some new business.  When's the last time you raised your prices? Have you cut some expenses? There are infinite ways to get more profits in the door. If you need ideas, talk to your business advisor, lawyer, accountant or business coach.  Don't have any of these?  Well, that's a huge problem right there!

In short, taking a vacation does not have to mean your business is on fire while you're gone. With well thought out strategies around people, process and profits, you can go away worry free and when you come back, feel refreshed and even plan your next vacation!

1 Comment

Do You Wish There Was a Clear, Simple Formula to Starting A Business That Made It Easy to Get Profitable and Protect Your Assets?  Take the Stress Out of Start-Up With My 3 Simple Steps.

6/6/2018

1 Comment

 
Picture
I started my first business in my kitchen 8 years ago. It seemed like there was just so much information out there, plus the well-meaning advice of family and friends, that I just had no idea what to do first. Did I start an LLC? Did I need to get a bank loan? Should I hire people to help me? Would I lose my house if I failed? Everyone and their brother had a different opinion. 

I know how frustrating starting a business can be. After owning several businesses over the last 8 years, and now having helped hundreds of entrepreneurs through my business law practice, I’ve developed a clear, simple, 3 step framework to give new business owners the best chance at a profitable business that protects their assets.

Today, I'm launching a free training that will reveal the three simple steps I walk my start up clients through that makes sense of all the start-up noise. If you'd like to grab a spot on this exclusive training, you can register HERE.



1 Comment

Are You Successful in Your Career and Now Want to Go Out On Your Own? 3 Ways to Prevent Failure

6/4/2018

0 Comments

 
PicturePhoto credit gpointstudio
I help a lot of corporate refugees who are type A, super go-getter people that have been very successful in a career job working for someone else. Despite their success, they still feel like something is missing and over time, become resentful that their skills, talents and some of the best years of their life are spent making someone else rich.  They yearn to build something of value for themselves and have flexibility to spend time with their family and cultivate hobbies.  One day, the light bulb goes off and they decide to start their own business.

Because they've been super successful in their job, they are excellent at what they do. They assume this will translate to being a successful business owner. Often, they are lacking three critical skills that would lead to business success.  Without these skills, they are doomed to fail.  What are these skills?

1) Ability to Always See the Big Picture.  Folks coming from a corporate job tend to be relentlessly focused on details. While the ability to focus on details is certainly necessary for a successful business, often people can't see the forest through the trees.  They get so wrapped in minutiae of EVERYTHING, from their business name, to logo colors, to the font on their proposals, that they fail to focus on the important parts of starting a business, mainly, STARTING.  Their drive for perfection paralyzes and prevents them from taking the most important actions to getting the ball rolling, namely just getting out there and making sales.

2)  Delegate. This is a tough lesson for many to learn. Those that have achieved success in other areas of their life want to control every detail. They've been burned by inept team members in the past. Used to playing office politics and living under an imposed corporate hierarchy, they don't trust others to complete what they themselves think they can do better.  As a business owner, this behavior is most likely to lead to failure, if not just a painful life as a business owner. Any successful business will eventually require help from others to run. The owner needs to be able to delegate tasks to others.  Beyond just delegating the tasks, the owner needs to trust others to complete the tasks well, and realize that just because someone does something a bit differently than you might have done it, the important things is that it's done. This skill can be acquired with the proper training and systems in place, but many business owners are reluctant to delegate any tasks to begin with. 

3)  Mindset. I tell all of my clients being in business is all about mindset and managing your thoughts.  It's a roller coaster of ups and downs and you have to be able to stay steady in the face of uncertainty.  Many people focus so much on developing sales skills, marketing prowess and financial savvy, but they neglect mindset. Eventually, their emotions run amok and that can lead to bad decisions. Owners need to be able to keep a clear head and while listening to the gut can serve one well, it doesn't mean indulging every wild emotion that arises.

If you've ever thought about leaving your corporate life behind and striking out on your own, a successful career working for someone else doesn't always translate to being a successful business owner. With an open mind and a willingness to adapt, you'll have a much better shot at success.

0 Comments

    Author

    Sarah E. Holmes is a Philadelphia business attorney and strategist that helps start ups and established businesses looking to expand, protect their assets and increase their profits in an approachable, down-to-earth way.  When you're looking for a business lawyer in Philadelphia, the Main Line or New Jersey, we can help.

    Categories

    All
    3D Printing
    3D Printing Classes
    Affordable Care Act
    Amanda Steinberg
    Authenticity
    Best Business Books
    Business Agreements
    Business Breakfast Seminar
    Business Funding
    Business Lawyer Near Me
    Business Partners
    Business Plan
    Business Social
    Capital
    Certified Women Owned Business
    Charles Baudoin
    Commercial Lease
    Contract
    Copyright
    Corona Virus
    Covid 19
    Dailyworth.com
    Disruptive
    Documents
    Employees Vs Contractors
    E-myth
    Etsy Sellers
    Finance For Women
    Food & Founders
    Forbes
    Forbes 30 Under 30
    Force Majeure
    Franchise Agreements
    Funding
    Honeygrow
    How Did She Do That
    How To Get Press
    How To Get Product Distribution
    How To Hire Employees
    Insurance
    Internet Business
    Lawyer For Commercial Lease
    Lease Default
    Letter Of Intent
    Llc
    Manayunk
    Mindset
    Monica Lewinsky Speech
    Name Registration
    New Jersey Small Business Lawyer
    New Year
    Nextfab Studio
    Non Compete
    Obamacare
    Oculus Rift
    Operating Agreement
    Operating Agreements
    Owning Your Own Business
    PA Conference For Women
    Partnership
    Philadelphia
    Philly Maker Week
    Philly Manufacturing
    Resolutions
    Sara Blakely
    SBN
    Should I Quit My Job
    Small Business Advice
    Small Business Coaching
    Small Business Lawyer
    Small Business Week
    Start Up Business
    Start Up Business Reading
    Taking A Vacation When Self Employed
    Tax Season
    Trademark
    Trademark Registration
    Under 30 Summit
    Waivers
    Women In Business

    Archives

    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    June 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    May 2017
    April 2017
    December 2016
    November 2016
    October 2016
    September 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014
    December 2013
    November 2013
    October 2013
    September 2013
    August 2013

    RSS Feed

Holmes Business Law, P.C.
​Two Convenient Locations- Main Line and Center City
40 E. Montgomery Avenue (all mail)
4th Floor
Ardmore, PA 19003
and
1515 Market Street
Suite 1200
Philadelphia, PA 19102
215-482-0285
 

info@phillysmallbusinesslawyer.com

All site content is subject to copyright 2021 by Holmes Business Law P.C.
This website and its content herein constitutes attorney advertising.  Any content on this website should be construed as informational, not legal advice.  No information on this website is intended to create an attorney-client relationship.  Only a signed fee agreement between Sarah E. Holmes and the client will establish an attorney-client relationship.  Use of any information on this site is provided "AS IS" with no warranty of any kind, either express or implied.  Always consult with a licensed attorney in your own state for legal advice.
Photo used under Creative Commons from AK Rockefeller
  • Home
  • Attorneys & Areas of Law
    • Business Entities >
      • Corporations
      • Limited Liability Company (LLC)
    • Business Immigration
    • Business Purchase or Sale
    • Raising Capital & Investor Agreements >
      • Promissory Notes and Debt Financing
      • Private Placement and Equity Financing
    • Business Contracts >
      • Consulting Agreement
      • Employment Contracts
      • Independent Contractor (1099) Agreements
      • Website Terms and Privacy Policies
    • Copyright & Trademark
    • Hiring Employees/NDA/Non Compete
    • Estate Planning & Wills
    • Commercial Real Estate >
      • Commercial Lease
    • The Right Start Program
  • About
    • Speaking and Events
    • Client Testimonials
    • Privacy Policy/Terms of Use
    • Contact
  • Business Success Tips
  • Flat Fee Packages
    • New Businesses
    • Existing Businesses
    • Dispute Resolution
    • Trademarks & Copyright
    • Estate Planning
  • COVID-19 HELP