Philadelphia Business Lawyer Sarah E. Holmes
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Founding Attorney Sarah Holmes, Esq., featured as a Business Panelist at Temple Small Business Development Center Event

11/21/2019

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Last week our founding attorney, Sarah E Holmes, Esq., was featured as a panelist in connection with Temple University's Small Business Development Center event.

Sarah and the other panelists discussed the challenges entrepreneurs face, how business ownership has changed over the last few years, and what trends entrepreneurs should be aware of for the future.

Some of Sarah's thoughts:

upcoming business trends: blockchain, artificial intelligence will be hot areas for entrepreneurship in the now and in the next few years;

upcoming business challenges: 2020 will be an election year and possibly a recession: business owners should be prepared for some instability later next year

If you're interest in legal help for your business, reach out to our firm for help.
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Those Who Don't Plan, Plan to Fail- Top 5 Reasons Even A Sole Owner Business Needs A Business Plan

11/18/2019

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We see a lot of potential clients who are very resistant to creating a business plan. Many times, especially a single member business owner, doesn't see the value in creating a business plan. After all, if you're not going to a bank to raise funding, why bother taking the time to create a plan?

This is a big mistake for a lot of reasons. 

Below are our Top 5 Reasons To Create a Business Plan, Even If You're A Sole Owner:

1) know where you want to go:  a lot of objections we hear revolve around, "business plans are just a guess, I have no idea how much business I'll do." Yes, that's true, but if you have no established target, how can you possibly know where to aim? Knowing where you want to go is half the battle.

2) is your pricing sound? The financial portion of the business plan is one that people frequently refuse to address, or are simply in denial about. If you aren't able to do the financial projections, how do you know if your pricing makes sense? Projections can be a very sobering moment where you might realize the business model you anticipated just won't work.

3) who is your ideal client?  If you haven't thought about who your ideal clients or customers are, how will you find them to sell your goods or services? Thinking carefully through exactly who you are marketing to will greatly inform your plan and HOW you will get to your goal.

4) how much money do you need? This is one that is often overlooked by business owners. For some reason, people detach the impact on their personal life. Let's face it, we all need money to live. How much do you need to live the life you want, not just the life you're willing to accept? That should dictate how much money your business needs to net every month. Don't forget to add in income taxes, those can take a big chunk out of what you think you'll take home.

5) what is your big vision? In the beginning, it's easy to get stuck in thinking small, after all, you just need to get your business off the ground. However, in the beginning it's important to plan for where you'll need to go. Will your business require staff? Larger office or production space? Plan early for the bigger leaps later.

These are just a few reasons to create a business plan.  We help business owners with business plan and review in our legal strategy sessions.  We've found that the most successful business owners are those who plan, and not just at the beginning, but on an annual basis.

We're running a special on business planning sessions if you book by 11/30. We'll take $100 off (full price $350) for any sessions booked for December.  

​Reach out to our office to book a session today.

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Holmes Business Law, P.C. is a Philadelphia100 Awardee!

11/4/2019

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    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.

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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