Going from a guaranteed paycheck to the unknown of self-employment can be downright terrifying. Yet, women each day are deciding to make the shift from climbing the corporate ladder to building their own businesses. In fact, the “number of women-owned businesses increased nearly 3,000% since 1972” according to analysis in the 2018 State of Women-Owned Business Report, commissioned by American Express. A deeper dive into this report showed that “women started an average of 1,821 new businesses per day in the U.S. between 2017 and 2018.” If hanging your own shingle is something you are considering, meet Laurie Wasserman who candidly shares 12 things she suggests one consider before starting a business. Laurie is a Family Law Attorney who left partnership at an established Baltimore law firm to build a business of which she is extremely proud.
An interview with Laurie Wasserman
It has been almost one year since Laurie opened the doors of her Towson family law practice. Looking back, Laurie laughs at just how far she has come. Laurie’s first day as her own boss was spent sitting on her hard office floor with her laptop plugged into the wall, hoping the movers would soon arrive with her folding chairs and boxes. For weeks before her actual office furniture arrived, the firm operated using folding tables instead of desks. “It is so funny now to look back on those early days. We were starting from scratch and had to be resourceful. And, it is exciting to see how far we have come since May 15, 2018. I have no regrets whatsoever. I am so glad I did this.”
In this interview, Laurie shares 12 things to consider before starting a business.
12 Things to Consider Before Starting a Business
1. Get your support team in place
While you are thinking about starting your own business, use this time to also think about your support team and who is on your life roster. You need to “build a bench” so to speak . Get the right professionals on your team such as an accountant, financial planner, attorney, technology person, daycare provider, school pick-up person, house cleaner, grocery delivery service, etc.
If you do not have that team in place, start by hiring a business coach, engaging a mentor, or joining different professional groups. It is just critical that you build out your support system because you will be relying on them to make your business a success.
2. Don’t jump in blindly
Obtain the wisdom of those who came before you. When I was considering starting a business, I met with everyone I could think of who owns a business. I asked them what worked and what they had wished they had done differently. Taking those pearls of wisdom, I then incorporated them into my own business plan. I found that people are more than willing to share their story and offer their help. You simply need to muster up the courage to ask them. And, as an added bonus, asking people for help often leads to them being stakeholders in your success. These people, knowing you are starting out, may be more inclined to send you business.
3. Be comfortable with being uncomfortable
Allowing yourself to be uncomfortable really drives you in any profession. It gives you permission to try new things and put yourself out there. There will always be that voice inside your head filled with self-doubt. Tell it to be quiet and try not to be afraid of the “what ifs.” As a business owner, you will always worry if and when the phone will ever ring. I have been told that never goes away. But, instead of letting the fear paralyze you, use it as a motivator. For me, this is what drives me gets me up every morning and work hard for my clients and to continue grow my business. Sometimes the best things come from uncertainty.
4. Invite your children and spouse into your business
I laugh when others ask me “how I juggle work, kids and family.” As a mother of two children, ages 8 and 10.5, some days my business needs
me more and other days my family needs me more. I just recognize that shift and know that I am exactly where I need to be MOST of the time.
Also, when I opened my practice, I made it very clear to my children that this is “OUR FIRM.” It was not just a place where Mommy goes without them. My law practice was part of our family and a place that they helped to create. The first night that I moved into our new office, we had a big family pizza party and the kids helped me unpack boxes. It was so important to me that they felt like this was our business—not just mine.
So now, when I tell them that Mommy has to go to the office, they understand. And they love to visit me at my office. Having my children be a part of my business has made it more special for them and me.
5. Don’t let debt scare you from starting
My biggest worry when I considered opening my business was the start-up costs. I knew that I had to put out money to secure an office space, buy supplies, obtain necessary technology and hire an assistant in order to be successful. After speaking to other entrepreneurs, I realized that many people borrow money to start a business and pay it back over time. A no-interest credit card and line of credit allowed me to set the foundation for my practice to be successful. You need to be smart about taking out debt and lean on the accountant who is on your team to properly advise you. But do not let concerns about borrowing money scare you from starting.
6. Always Be Marketing
When thinking of leaving the corporate world to start a business, you must understand that marketing will now be a large part of your job (and if it is not, kudos you to). In the corporate world, you have a big firm with a credible reputation behind you. You can lean on that corporate name to promote yourself and to help win business. When going solo, you must market yourself and get your name out there. You must make sure that everyone knows what you do (parents of your children’s friends, Facebook community, neighbors, family members, other professionals you engage with, etc.). If people you know do not know what you do, you are missing potential clients that are right in front of you.
If you are not good at marketing (or don’t want to do it), then hire someone to help you. You must have continued visibility to be considered and remembered. And, do not be afraid to ask people for referrals. You would be surprised at how many people will send you business if they know you are looking for it.
7. Say “Yes” to help
In my early planning stages, people were so excited and offered to help me with tasks such as offering to design my business cards and price out phone plans, but I was reluctant to take them up on their offers. I have since learned if people offer to help you, accept it. It will save you time and probably save you money (especially when it comes to referrals for vendors such as IT, phone, copiers, supplies, etc.) . Do not make starting a business even harder by trying to do it all yourself.
8. Passion is essential
You must be passionate about your business and the work that you do. If not, the work involved in running a business will not be worth it. I became a family law attorney because I had a true passion for helping people in crisis and I love creative problem solving. Admittedly, I am working harder as a business owner than I ever did in private practice. But, at the end of the day, my business is a true reflection of me and who I am as a person and a professional, and the work is worth it.
9. Negotiate Pricing and ask for free trial plans
There are a lot of other business owners who will want to do business with you. Don’t be afraid to negotiate prices or ask for an introductory trial period on their product. Be honest and direct with that fact that you are just starting out on your own and that you need to negotiate on this price. The worst they can say is “No.” When they say “Yes,” congratulations you just saved your company money. And, they have gained a happy new client who can refer them future clients.
10. There will never be a right time
Once you’ve made up your mind to start your own practice, take deliberate steps that are logical and methodical towards that end goal of starting a practice or making a career shift. Trust your instincts and remember that there will never be a “right time” to start a business. It is like thinking about when to have children… You will never have enough money, there will never be the right time. You will never feel like it’s the perfectly safe thing to do. It’s really easy to get complacent in your career path. Shake it up. It will be good for you and your career. It reenergizes you.
11. Continue growing and learning
As a small business owner, you will likely rely on referrals to build your practice. You must never be complacent in building and growing your expertise. I am constantly meeting new people and taking on new cases and challenges. Get new certifications to expand your reach and the services that you offer. I recently gained my certification as a Parent Coordinator and offering Family Law Mediation services to complement my litigation practice. I wanted to make sure that I continue to grow as a lawyer and as a firm.
12. Be patient with yourself
In your first few months of practice, you must be patient and understand that it is going to take you longer to do EVERYTHING because it is your first time. I wish that I could have given myself this advice a year ago. I had never run a business before and I needed to learn how to do things such as bill payments, client invoicing and learning how to use our copier / scanner. All of these things, I never had to think about when I was at a larger firm with people in place to do these things. Setting time in my day to tend to administrative issues is important. As you are thinking of starting a business, you must give yourself permission slowdown in the beginning and figure all of this stuff out.
You’ve got this
These twelve things to consider before starting a business will give you a jump start. Believe in yourself and what you are going to accomplish. Yes, it is scary and of course timing is likely awful, but that is perfectly OK. Make it work. Invite your family , friends and colleagues along on your entrepreneurial journey. Be comfortable with being uncomfortable and just get started. You’ve got this. And, I would be happy to share my stories with you if you are thinking of starting a business.
To Learn more about Laurie Wasserman
Learn more about Laurie Wasserman and the ways in which she helps client navigate complex family law situations. Laurie’s Baltimore based boutique firm provides clients with advocacy, strategy and results one piece at a time. Laurie is a leader in the Family Law community serving as the current chair of the Baltimore County Bar Association’s Family Law Committee. She has been recognized by her peers as a top family lawyer in Maryland Super Lawyers. Laurie also volunteers for Disability Rights Maryland where she serves as the Vice President of the Board of Directors.
P.S.
Also, in case you missed it, Lauren Roth M.D. with Shady Grove talks about Getting Pregnant at 40. Rachel Brumberger acupuncturist and co-owner of Third Space Wellness shares her top 5 wellness tips for women on how to be Present Confident and Sexy.
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Lauren Rebbel