Disclaimer: The information provided in this guide is for informational purposes only and should not be considered as legal advice. We are not a law firm and do not provide legal services. It is always recommended to consult with a qualified attorney for personalized legal advice tailored to your specific business needs.

When it comes to running a business, legal matters are inevitable. From choosing the right business entity to navigating complex regulations and contracts, having a skilled business attorney by your side is crucial. 

This comprehensive guide will help you understand the Importance of a business attorney, and will walk you through the process of hiring a business attorney, understanding their role, and exploring specific areas where their expertise can make a significant impact on your business’s success.

1. Understanding the Importance of a Business Attorney

Advising on Legal Structure: A business attorney can guide you in choosing the most suitable legal structure for your business, considering factors such as taxes, liability protection, and estate planning.

Compliance and Regulations: They ensure your business complies with relevant laws and regulations, minimizing the risk of legal disputes and penalties.

Contracts and Agreements: A business attorney drafts, reviews, and negotiates contracts, protecting your interests and ensuring clarity in business relationships.

Intellectual Property Protection: They assist in safeguarding your trademarks, copyrights, and patents, preserving your unique brand assets.

Employment and Labor Law: A business attorney helps navigate employment-related legal matters, ensuring compliance with labor laws and protecting your rights as an employer.

2. Types of Business Attorneys

2.1 General Business Attorney:

• • Provides a broad range of legal services across various industries.
  • Suitable for small to medium-sized businesses without specialized legal needs.

2.2 Industry-Specific Attorneys:

• • Specialize in specific industries such as healthcare, technology, or real estate. 
  • Familiar with industry-specific laws, regulations, and best practices.

2.3 Transactional Attorney:

• • Skilled in drafting and negotiating contracts, mergers, acquisitions, and other business transactions. 
  • Ensures your business interests are protected in complex deals.

2.4 Litigation Attorney:

• • Specializes in representing businesses in legal disputes, lawsuits, and litigation matters. 
  • Advocates for your business’s rights and interests in court, if necessary.

2.5 Estate Planning Attorney:

• • Helps with estate planning, wills, trusts, and succession planning for business owners. 
  • Assists in preserving and transferring business assets to future generations.

3. Choosing the Right Business Attorney

• • Inquire about their experience in business law, including relevant industries and practice areas.
  • Ask for references or case studies of similar clients they have worked with.
  • Determine their success rate in handling cases or providing legal advice in business matters.

3.2 Communication and Availability:

• • Ensure the attorney communicates clearly and is responsive to your questions and concerns.
  • Discuss their availability and preferred modes of communication.

3.3 Fees and Billing:

• • Discuss their fee structure, billing methods, and any additional costs involved.
  • Inquire about retainer fees, hourly rates, or alternative fee arrangements.

3.4 Compatibility and Trust:

• • Establish a rapport with the attorney and assess if their values align with your business goals.
  • Trust your instincts and choose an attorney you feel comfortable working with.

4. Consultation with an Attorney

In this scenario, you are considering hiring a business attorney to draft an operating agreement for a new organization. You want their guidance in deciding between a Private Membership Association (PMA) or a Limited Liability Company (LLC). 

Here is an example of a few good questions to ask during your first consultation:

• • What is your experience in helping to create business entities, and how many clients have you worked with in these areas?
  • Can you explain the advantages and disadvantages of forming a PMA and LLC, and how can they be used together?
  • What are the legal and regulatory requirements for forming a PMA and LLC in my state, and how long does the process typically take?
  • Can you provide an estimate of the costs involved in forming a PMA and LLC, including legal fees, filing fees, and other expenses?
  • What ongoing legal and regulatory requirements will my PMA and LLC be subject to, and how can I ensure compliance with these requirements?
  • Can you provide guidance on any tax implications of forming a PMA and LLC, and how to structure these entities to minimize tax liability?
  • What other legal services do you offer, and how can you help me protect my business and personal assets?
  • Can you provide references or case studies of similar clients you have worked with, and what was the outcome of their cases?

Once you’ve explored the different types of attorneys for your needs, make a list of the right questions to ask during the consultation process, and then take the time to find a knowledgeable and experienced attorney who can provide valuable guidance tailored to your specific business needs.

Remember, investing in a skilled business attorney is an investment in the long-term success and stability of your business.

5. Finding the Right Business Attorney

5.2 Initial Consultations: Reach out to potential attorneys and schedule initial consultations. During these consultations, ask the questions we discussed earlier to gauge their experience, knowledge, and compatibility with your business goals.

5.3 Experience and Expertise: Look for an attorney with a strong background in business law, specifically in areas relevant to your needs, such as contract law, intellectual property, employment law, or industry-specific regulations.

5.4 Communication and Accessibility: Ensure that the attorney has excellent communication skills and is accessible when you need them. Prompt and clear communication is crucial in legal matters, so choose an attorney who values open and transparent communication.

5.5 Fee Structure: Discuss the attorney’s fee structure during the initial consultation. Ask about their billing methods, whether they charge by the hour or offer fixed rates for specific services. Make sure you have a clear understanding of their fees and any additional costs that may arise.

5.6 Chemistry and Trust: Building a good working relationship with your attorney is essential. Choose someone with whom you feel comfortable discussing sensitive business matters and who demonstrates a genuine interest in your success.

6. Different Types of Attorneys for Different Business Phases and Industries

Here are a few examples:

6.1 Estate Planning: Planning for the future and protecting your personal and business assets requires the expertise of an Estate Planning Attorney. These attorneys specialize in creating comprehensive estate plans, which may include wills, trusts, powers of attorney, and other legal instruments to ensure the smooth transfer of assets and minimize tax liabilities.

6.2 Startups: If you’re in the early stages of starting your business, consider working with a startup attorney who specializes in advising new ventures, handling legal compliance, and drafting essential documents like incorporation papers, founder agreements, and investor contracts.

6.3 Intellectual Property: If your business relies heavily on intellectual property, such as trademarks, copyrights, or patents, consulting with an intellectual property attorney is crucial. They can help protect your intellectual assets, enforce your rights, and handle any infringement issues.

6.4 Employment Law: As your business grows and you hire employees, an employment law attorney can assist with drafting employment contracts, developing company policies, and ensuring compliance with labor laws and regulations.

6.5 Tax Law: If your business involves complex tax matters, working with a tax attorney can help you navigate the intricacies of tax planning, tax compliance, and resolving any tax disputes or audits.

6.6 Industry-Specific Regulations: Certain industries have unique legal requirements and regulations. For example, healthcare businesses may require attorneys well-versed in healthcare laws and regulations. Research your industry’s legal landscape and consider seeking specialized attorneys if necessary.

Conclusion

Remember that finding the right business attorney is a process that requires careful consideration. Take the time to research and interview multiple attorneys to find someone who not only has the necessary expertise but also understands your specific industry and business needs. Look for an attorney who is responsive, communicative, and demonstrates a genuine interest in helping your business succeed.

Additionally, keep in mind that legal needs may evolve as your business grows. Consider the various phases of your business and the specific legal areas that may require attention, such as intellectual property, employment law, contracts, or regulatory compliance. As your business evolves, consult with your attorney regularly to ensure that your legal strategies and protections remain up to date.

Finally, remember that legal matters can be complex and often require professional guidance. While this guide provides a foundation for understanding the importance of hiring a business attorney and the considerations involved, it is always recommended to consult with a qualified attorney for personalized advice based on your specific circumstances.

By hiring a knowledgeable business attorney and maintaining an ongoing relationship with them, you can navigate legal challenges, protect your business interests, and focus on what you do best – running a successful and thriving business.

Best wishes on your journey to finding the right business attorney and may your business flourish under their expert guidance!

Shalom (with peace),

The Startup Hive TEAM.

At Startup Hive, we help creative entrepreneurs thrive beyond the gig economy by taking control of their financial life. If you consider yourself creative enough to get at least one of your ideas off the ground, we are here for it. 

Schedule a Discovery Call and let us help you help people.

Research plays a crucial role in providing the necessary insights and information to make informed decisions, mitigate risks, and set a solid foundation for your business. In this article, we will discuss the seven essential areas you should research before starting your new business, helping you navigate the marketplace with confidence.

1. Market Demand

Conduct market research surveys, analyze industry reports, and engage with potential customers to gather valuable data. This information will enable you to tailor your offerings to meet the specific demands of your target audience and identify any gaps that could be filled with your unique value proposition.

2. Competition

By gaining insight into your competition’s strengths and weaknesses, you can differentiate your business and develop strategies that give you a competitive edge. Researching competition also helps you identify market trends, potential collaborations, and partnership opportunities that can drive growth.

3. Industry and Market Trends

For example, if you’re in the technology sector, research emerging technologies, changing consumer behaviors, and market shifts that could impact your business. By understanding these trends, you can align your offerings, marketing strategies, and business operations accordingly.

4. Legal and Regulatory Requirements

Consult legal professionals or government agencies to understand the specific regulations that apply to your business. Complying with the law from the outset will save you time, money, and potential reputational damage in the future.

5. Financial Projections

Additionally, analyze potential revenue streams, pricing models, and sales forecasts to estimate your future financial performance. Thorough financial research and projections will help you make informed decisions, secure funding, and set achievable goals for your business.

6. Target Audience

Identify their pain points, motivations, and buying habits to tailor your products, marketing messages, and customer experience to meet their expectations. Understanding your target audience deeply will help you create compelling marketing campaigns and establish meaningful connections that drive customer loyalty and brand growth.

7. SWOT Analysis

Conducting a SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis is a valuable research tool that helps you assess your business’s internal and external factors. Evaluate your business’s strengths and weaknesses, such as unique expertise, available resources, or operational efficiencies. 

Identify opportunities in the marketplace, such as emerging trends or untapped markets, and assess potential threats, such as intense competition or economic downturns. A comprehensive SWOT analysis enables you to capitalize on your strengths, mitigate your weaknesses, seize opportunities, and prepare contingency plans for potential threats.

STAY ORGANIZED

• Note-taking and Documentation:

Digital note-taking tools like Evernote, OneNote, or Google Keep allow you to capture and organize your research findings, ideas, and important insights in a centralized location. These tools enable you to create separate notebooks, categorize information, add tags, and easily search for specific details when needed.

• Project Management Tools:

Using project management tools such as Trello, Asana, or Monday.com can help you break down your research into manageable tasks and track your progress. You can create boards, lists, and cards to represent different research categories or stages, assign deadlines, collaborate with team members, and visualize your overall progress.

• Cloud Storage and File Organization:

Cloud storage services like Google Drive, Dropbox, or Microsoft OneDrive provide secure and accessible storage for your research documents, reports, industry articles, and any other relevant files. Create well-structured folders and subfolders to store your research materials, making it easier to locate and retrieve information when needed.

• Research Aggregation Tools:

Consider using research aggregation tools like Feedly or Pocket to gather and organize relevant industry news, blog posts, and articles from various sources. These tools allow you to curate personalized feeds, save articles for later reading, and even share valuable content with your team or audience.

• Data Analysis and Visualization:

When conducting market research or analyzing industry trends, tools like Google Analytics, SEMrush, or Tableau can provide valuable insights. These tools help you collect and analyze data, identify patterns, visualize trends, and make data-driven decisions.

• Collaboration and Communication:

For teams working on research collectively, communication and collaboration tools such as Slack, Microsoft Teams, or Google Workspace facilitate seamless information sharing, discussion, and real-time collaboration. These platforms enable team members to share updates, ask questions, and provide feedback, ensuring everyone is on the same page.

Remember, the choice of tools may vary depending on your specific needs and preferences. Take the time to explore different options and select the ones that align with your research requirements and workflow. 

By leveraging these digital tools and implementing effective organizational strategies, you can streamline your research process, maximize productivity, and ultimately make well-informed decisions for the success of your business.

Conclusion

Understanding market demand, competition, industry trends, legal requirements, financial projections, target audience, and conducting a SWOT analysis provides you with the necessary insights to make informed choices and navigate the marketplace strategically.

Remember that research is an ongoing process. Stay vigilant and adapt to changes in the market, consumer preferences, and industry landscape. Continuously analyze data, monitor trends, and engage with your target audience to ensure your business remains relevant and responsive to their needs.

By conducting thorough research, you lay a solid foundation for your business, increase your chances of success, and thrive beyond the gig economy. So, before taking the leap into entrepreneurship, invest in research, gather valuable insights, and position your business for growth and sustainability in the dynamic marketplace.

At Startup Hive, we help creative entrepreneurs thrive beyond the gig economy by taking control of their financial life. If you consider yourself creative enough to get at least one of your ideas off the ground, we are here for it. 

Schedule a Discovery Call and let us help you help people.

Disclaimer: Startup Hive does not provide legal advice, nor do we guarantee any return on investment.

In business, scaling is when you expand at a faster rate than you take on new costs. Scaling is important if you want to serve as many people as possible without putting in the same work each time.

Scaling is more than just increasing revenue; for example, if you are a freelancer, and only focus on revenue, you would have to add more clients to your portfolio. You can only have so many clients because you only have 24 hours a day. 

In order to scale successfully, you should also think of ways that you can increase your productivity with less input (including costs and labor). This means finding more creative ways for your business to work without your physical presence required. This is also called leverage: being able to do something once, and get paid for it many times over and over again.

Have an Exit Strategy

Here are some examples of exit strategies:

• Take your business public with an IPO 
• Liquidate by selling all the assets
• Sell your shares to your partners or your employees
• Merge with another company
• Pass on the business to a family member

Set up a Formal Business Structure

Take the time to do your due diligence and study all the structures so that you know which one is best suitable for your circumstances. Hire a professional attorney whenever possible. 

Make sure to keep your business tax-compliant. Keep a separate bank account for your business to avoid intermingling business expenses with personal ones. Keep track of your income and expenses and hire an accountant or bookkeeper whenever possible.

Four things to consider before planning your estate and choosing a business structure:

• Liability: protect your personal assets from business lawsuits 
• Privacy: protect your private information and public image 
• Taxes: work with a tax planner who can see your big picture
• Probate: use trusts (there are many types) to pass down your business, real estate, and other assets to your heirs and avoid the long and overrated probate process.

Get Organized

• Business Finances (this includes bank accounts, invoices, and receipts)
• Business Taxes (for both federal and state taxes)
• Marketing Materials 
• Legal agreements and contracts
• Time Management (how much time do you spend doing what task?): this is the most important aspect of your organization because you can use this to hire, delegate tasks, and train employees in the future.

Create a Budget and Growth Plan

• Know how much it costs you to run the business: Do this by setting up spreadsheets for both income and expenses so that everything gets tracked properly over time.
• Create a spending plan: Make sure that you have enough money coming in each month to pay for all of your expenses (including taxes). It’s also important that you set aside some money for growth, as well as an emergency fund in case something unexpected happens.

To better visualize and plan out your exit strategy, create a growth plan. Start with your big picture in mind (your exit strategy). Outline your goals and expectations for the next 5 years, and then write down the most important areas to focus on during the first year.

Invest in the Right Tools

Along with tangible and intangible tools (like software and intellectual property), make sure to also invest in:

• Your Education: this is a cost that can never go to waste. Take the time to learn as much as you can about your industry, your market, your products and services, and your target audience. You need to know these things to develop a robust marketing guide for your company. 
• Your Story: One important aspect of your marketing plan is how you tell your story. Make sure that your message is consistent across every platform and that you use your words and your story to empower the people around you. Depending on your industry, you may consider investing in hiring a brand consultant, a publicist, or even public speaking lessons.
• Your Network: What you know can get you far, but who you know will get you all the way. You can learn faster by spending more time with people who know something that you don’t. So join local organizations and participate in events that will benefit you and your community in the long run. 
• Your Processes: How does a food truck owner scale into becoming a franchisor? If your exit strategy is to own the license to the business model and generate passive income for life, then the most important aspect of your business is the system that you build around it. Take the time to carefully record your fulfillment process and everything that it takes to run your business, including the routes, recipes, uniform, and even the specific words that you use to greet your customers. Once you’ve done that, think of the ways that you can use automation to avoid repeating the same processes.

Conclusion

Not every business is scalable, but all businesses can have an exit strategy. So start there first. Then think of all the possible ways to get you there without repeating the same tasks for too long. See yourself in every aspect of your business and move through them as fast as you can until you are in the position that you want to be in: the owner of a successful organization that functions with or without you in it. 

If you need help thinking of creative ways to scale your business, book a Discovery Call with one of our consultants. Our goal is to help you ignite the spark that will bring in at least $100k in revenue within the first year of your business operations.

To your success,

—The Startup Hive Team.

At Startup Hive, we help creative entrepreneurs thrive beyond the gig economy by taking control of their financial life. If you consider yourself creative enough to get at least one of your ideas off the ground, we are here for it. 

Schedule a Discovery Call and let us help you help people.

Disclaimer: Startup Hive does not provide legal advice, nor do we guarantee any return on investment.

We’ve all heard the terms “cost,” “price,” and “value” used in business and at home. What do these words really mean and how are they related? Let’s take a closer look!

Cost and price are a part of your budget.

Price could also refer to the cost of something purchased, especially an item with a known value, or the rate at which one unit of currency exchanges for another (e.g., “The pound dropped against the dollar today”).

Are you confused yet? Good; because that means you’re learning something new. 

If you want something that you value, it will cost you something, and what you pay for it is the price. 

Here is an example: 

I want to buy a new car. The price is $20,000. The cost is the price plus the energy it will take me to research the car I want, the time it will take me to get to the dealership, and the skills it will take me to negotiate the price I end up paying.

You can use cost to create a price that includes revenue and profit.

Costs are broken down into two parts: material costs and labor costs. Material costs are the materials used in making your product—for example, plastic for a toy car or leather for a pair of shoes. Labor costs are the people who work on making your products—for example, managers and assembly line workers at an electronics factory or designers and seamstresses at a clothing store.

By adding up all of these different kinds of costs, you can get an idea of what it would cost someone else to make your product themselves or buy one from someone else who has made it before (such as buying toys from China). This figure helps determine what price will be profitable enough for making those products again in future years (and thus keeping them available).

Value is related to price, but it’s subjective.

Value is related to price, but it’s subjective. The value of a product or service to the customer is what they perceive it to be. It may be high or low—and this can vary from customer to customer, company to company, and even industry to industry!

In the earlier example about the $20,000 car, the value would be the ability to travel from one place to another, to save time by using the car instead of public transportation, and possibly to save money in the long run. 

An example of something that has high value for many people would be education. When you pay for an education at a university, no matter how much money you spent on it, there’s no guarantee that you’ll get a job after graduation—or even after completing all your courses. However, if you have passion for what you’re studying and believe in its importance (i.e., the role it will play in your life), then this may increase your perception of what the degree means for yourself and others around you.

All costs are not equal.

• Direct vs. Indirect: The most obvious direct cost is the money you spend on your business. The time, experience, skills, and energy that you put into it are all indirect costs.
• One-Time vs Recurring: This is self-explanatory. For example, if you copyright an idea, you will pay a one-time cost (the time to prepare the documents and the money to copyright it). If you maintain a website, you will pay a monthly or annual fee (that is the recurring cost).
• Fixed vs. Variable: “fixed” means that the cost remains steady even when demand fluctuates (i.e., it doesn’t depend on how much product or service you sell). Variable costs vary directly with the amount sold (e.g., raw material costs).

Knowing the difference between fixed and variable costs will help you track the health of your business.

Before you can understand how to take control of your business’s cost structure, you need to understand the difference between fixed and variable costs.

Fixed costs are expenses that don’t change with the amount of output produced. For example, if your rent is $1,200 per month, then it doesn’t matter whether or not you produce any products—your rent payment will be $1,200 every month.

Variable costs are expenses that change based on how much output is produced. As an example for a manufacturing company: if it takes 1 hour for one of your employees to make one unit of product (a “unit” could be anything from a single widget to 100 widgets), then labor costs would be classified as “variable” because they depend on how many units are made in a given period of time.

You should know and have a handle on all your business costs because they directly influence your ability to sell your products or services at a specific price.

Each business has unique costs and values as well as unique goals.

Let’s do a quick recap:

When you buy something (or before you sell it), it’s important to understand the difference between cost, price, and value. Cost is all the resources (including money) used to produce a product or a service. Price is what you pay for those goods and services, while value is the worth of that product in your eyes.

A business’s costs are related to revenue (money earned from selling its products) and profits (the amount left over after expenses have been paid). 

A business’s revenue depends on many factors: 

• How much people are willing to pay for its products; 
• Whether there are competitors offering similar items at lower prices; 
• Whether customers like certain aspects of its products more than others; etc. 

Costs tend not to change much as long as sales remain strong; they’re fixed—you can’t get rid of them once they’re set up—and they’re usually independent of any individual sale or transaction. Costs don’t always match up with prices either: sometimes businesses charge more than what their costs were; other times they charge less than what their costs were; sometimes they charge nothing at all! 

The takeaway here is that there isn’t always one relationship between cost and price—businesses have different goals depending on what stage in their life cycle they’re in right now. For example, a start-up company may decide to give away some products to promote its services, while an established company may choose to raise its price because its brand’s value is well established in the eyes of its target audience.

Conclusion

Every time you exchange currency or energy, there is a price or a cost associated with it. To be successful sooner than later, an entrepreneur should first focus on the quality and the value of the products and services exchanged (no matter if you are buying or selling).

We want to break the stereotypical notion that in order for a brand to be valued for its quality it has to be priced competitively high. At Startup Hive, we price our services and products with our target audience in mind first. We believe that good people do their best to make ends meet, and we reward people who invest in their growth; that’s why we focus on offering quality information at an affordable price. We have a mission to financially empower as many people as possible by providing them with a top-notch business education at a reasonable cost.

We hope that we’ve given you a better understanding of the difference between cost, price, and value. Now that you know how each factor impacts your business and its goals, you can use this information to make better decisions about pricing and profit in your business.

To your success,

—The Startup Hive Team.

At Startup Hive, we help creative entrepreneurs thrive beyond the gig economy by taking control of their financial life. If you consider yourself creative enough to get at least one of your ideas off the ground, we are here for it. 

Schedule a Discovery Call and let us help you help people.

Disclaimer: Startup Hive does not provide legal advice, nor do we guarantee any return on investment.

Do you have multiple business ideas and don’t know what to focus on first? Then you may be a multipotentialite. A multipotentialite is someone who has many interests and can excel in many fields instead of just one. If you are a very creative person and also have many intellectual interests, then this is for you.

“A jack of all trades may be a master of none but is oftentimes better than a master of one trade” (this is the full quote). So use this gift as an advantage and develop it into a business (or more than one). Start by making an inventory of your hobbies (all the things that you enjoy doing in your free time).

Figure out your strengths and skills

You are a Creator and not a robot; so your business idea should excite you as much as it does the people you will be serving. 

Once you’ve figured out what your hobbies are, begin to identify the skills and strengths that allow you to enjoy them. Some people have a natural ability for or interest in coding or playing music, for example. Others may be more drawn to writing and storytelling. Others still might find themselves drawn towards sports—no matter what path you choose towards entrepreneurship, it will take some introspection.

Asking yourself these questions can help:

• What are my strengths? What am I naturally good at doing? 
• What experience have I accumulated throughout the past few years?

How can I use those strengths in conjunction with my current hobby activities? How could they make me money while also providing value to others? In other words: What do I do well enough that someone would pay me for it?

Create a portfolio website to show off your work

In this FREE Guide, you can learn about the importance of having a personal website even if you’re a freelancer or are still an employee because it’s the best way to display your resume in this digital age.

Be sure to also get a professional email associated with your domain. If you want to be able to build business credit in the future, you will need one anyways, so why not get one now? Even if you don’t know what to offer yet, own your domain name, then build a landing page, like this one, and post it to your social media profiles.

Be sure to include examples of your work so that people can get an idea of what they might expect when they hire you.

Make it easy for people to find you

Make a list of all the social media platforms that you are familiar with and choose approximately 3 of them to join. Make sure that the platform is where your target audience actually spends their time.  

Make it easy for people to find you by having a profile handle that is easy to remember, which is also very closely associated with your domain name. 

People will not seek you out. You need to make it easy for them to find you by creating content that is relatable to them and to the services that you provide. It would not hurt to learn some SEO techniques along the way. 

Once you’ve got your portfolio website all set up, add it to all of your social media accounts so that someone can easily click through and get a sense of who you are, and what kind of work you do.

If you are able to, get listed in as many directories as possible. There’s always going to be some level of competition when it comes to listing yourself as an expert online; however, there isn’t any other multipotentialite creator as unique as you so no one else can take your spot as long as you believe in your potential.

Think like a project manager

As a multipotentialite, the best skill to develop is the ability to manage a project from its conception to its completion. In this particular case, you ARE the project. Start by managing yourself first by being organized about the various services that you can offer as a freelancer, and record all your processes; this will make it easy for you to hire in the future. 

When you hire, you will then be responsible for making sure that your team completes the project on time and within budget.

• Plan your projects
• Manage the projects by delegating specific tasks
• Deliver on time (underpromise and overdeliver) 
• Measure success

Get paid what you’re worth

When you’re building a business around your creative pursuits, or any other hobby or interest, it’s important to get paid what you’re worth. If you don’t know what your skills are worth—or if you haven’t had the confidence to demand that value from others—it can be easy to undersell yourself and eventually you’ll burn out. 

Price your services and products well. If you price too low, potential clients and customers might assume that the quality is low; if you price too high, your target audience may not be able to afford it. So do your due diligence and find out what your competitors are charging.

In order to earn money from your creative pursuits, there are three things that must happen:

• You have to have something of value to offer (something customers are willing to and will pay for)
• Customers must believe that it is worth paying for it (and understand how much they should pay)
• You must be able to take their money in exchange for this valuable thing. So make it easy for them to pay you electronically.

Communicate clearly

Be very clear about what you want to do before you offer your services. If your goal is to just survive, you might as well stay in the gig economy. If your goal is to get wealthy, then think about the big picture so that you’re not a freelancer for too long. 

This may seem obvious but many people often focus on their own benefits, instead of thinking about what other people want first. They’re so excited about their idea that all they can imagine is getting rich quickly without putting any effort into making sure that the idea itself has merit first. Start a company that will create value for customers by solving problems or improving their lives in some way. If you do it well, you’re bound to be successful. 

With others:

Be clear about what you want from followers, clients, and customers, and also let them know, from the get-go, what to expect from you when working with you.

A lot goes into being able to deliver high-quality work consistently while also honoring deadlines; have a clear conversation before any commitments are made so that everyone knows where they stand. And when everything is clear, put it into a written agreement whenever you can, so that you can avoid trouble and miscommunication down the line.

We hope that this article gave you some clarity and insight into what your next business venture will be. If you are still a bit confused, we can help. Schedule a one-hour conversation with one of our consultants and get started on your business today!

To your success,

— The Startup Hive TEAM

At Startup Hive, we help creative entrepreneurs thrive beyond the gig economy by taking control of their financial life. If you consider yourself creative enough to get at least one of your ideas off the ground, we are here for it. 

Schedule a Discovery Call and let us help you help people.