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  • Writer's pictureNick Andriacchi

Imagine running your own firm and controlling your own destiny

Updated: Jul 10, 2023

what works: entrepreneurs

“Life is what happens when you are busy making other plans” John Lennon .

Jim Navarre is a very accomplished entrepreneur and attorney in the Chicago area. His background is impressive: Assistant Cook County State’s Attorney and as partner in a large Chicago law firm. He was making bank for sure. But life demands would not allow for rigid 14-hour work days. Armed with a laptop, cell phone, internet connection and a legal pad – he decided to start his own law firm Mossing & Navarre and he hasn’t looked back. As an owner – he works hard – no doubt. More importantly he has the flexibility to spend time with me doing what we love - coaching baseball at Near South Little League. Many of staffers find themselves in similar positions. Working countless hours for someone else when you could be choosing your own destiny. And it may not be as hard as you think. It all starts with a clear and concise business plan. Developing a business plan is not as hard as it may seem. Nor does it have to be 100 pages long. A good business plan will serve as a useful guide throughout the different stages of your business. Here are the main points to focus on when writing a business plan for a start-up: I. Set Clear Goals · Create a Company Vision · Create a Mission Statement · Focus your company’s objectives II. Executive Summary ·     Create a Company Organizational Chart          (Current & Projected Future) ·     List Stockholders & Officers ·     Define Stockholder & Officer Roles ·     Memorialize in an Operating Agreement / By Laws The latter two are extremely important. It is crucial to define the duties of each "hands-on" stockholder. It is also extremely important to anticipate various scenarios that could change the landscape of your business and have agreed upon solutions in writing. For example, if one stockholder wants to leave the business, there should be something in writing addressing this scenario, which the stockholders have agreed to, leading to an amicable solution. III.  Market Conditions · Determine the number of potential customers · Gage the number of positions in demand · Availability of Employees · Number of Competitors in the Market Place Determine the need and how to fill it. For example, if it is determined that there is a scarcity of potential customers or employees or an overabundance of competitors, this may not be the right time to start your business. If conditions are favorable, they will help with the next section. IV. Financial Projection (Monthly & Annually) · Sales Goals

Determine the strength of your network · Projected Gross Income · Pricing V.   Capital ·     Startup capital needed ·     Working capital needed to grow business It’s been my experience most companies that use a funding company only need at least 3-6 months-worth of available cash to pay for fixed costs such as rent, computers, supplies, etc. until the business can sustain itself. Dollars needed for working capital such as payroll & payroll taxes can be much, much, more. If the company scales quickly - cash needed to finance growth can be upwards of $1mm. Only a funding company that specializes in staffing will support that growth. Financing Options o  Bank o  Payroll Funding Companies o  Franchisors o  Venture Capitalists Where can you find unlimited amounts of money to finance your Accounts Receivable? Well, a bank typically will not lend money to a business less than 5 years old. Franchisors and venture capital will take too much control of the company away from you. A more successful alternative is a payroll funding company. With a funder, you maintain 100% ownership of your company. This option also provides unlimited payroll funding to grow your business quickly. In addition, companies like Madison Resources provide their clients with:

  • Payroll Processing

  • Tax Filings

  • Invoicing

  • Credit & Collection

  • Software & much more….

These services allow you to keep your fixed expenses to a minimum, thus preserving your precious funds. And you will have the time to do the fun stuff: sell, recruit. make money and live life. VI. Revisit Your Plan Annually Have market conditions changed? Have you communicated new ideas with your partners? These are among the important topics to be discussed at least once a year and it is very helpful to have a well written business plan for reference.

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