Too often I see entrepreneurs worry too much about corporate formalities when instead the primary focus should be on building a great product and generating sales.
When you come to an attorney and ask what type if entity is best and where you should register/incorporate, it helps a ton if you have more than just a fleeting idea of the “next best thing” you want to build. Go build it and come back and find me when you have a consumer ready product and are generating sales (or at least have more than a few interested users).
It is not a joke when I say I see many small businesses worry a lot more about the company name and logo (maybe even buy t-shirts and business cards before having a viable product). Granted, both company image and marketing are important. But both are nonetheless irrelevant if the product never becomes something that people know about, let alone have the opportunity to get excited about.
Much of the same thinking that applies to whether an investor will pay attention goes for whether an attorney should take your money or tell you to come back later. I want entrepreneurs and startups to succeed and putting limited resources toward paying me up front doesn’t bode well for being a long term client if you never really get off the ground. You can pay me for advice but it will likely be the same sentiment I am expressing here. I’d rather see potential clients wait a few months so I can better help them make an informed decision about entity selection and company formalities when realistic facts have emerged and I have a better idea about how you really will be doing business.
If you call me when you have an actual purchase order, have already generated an interesting level of sales or created a substantial user base, I promise I will work diligently (and fast) to make sure you are in the right vessel for the crazy journey you are on.
Don’t be afraid to build something great and let your professional advisers catch up to you rather than dilly dally on speculative endeavors.
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