5 Things Every New Business Owner Should Know with Attorney David M. Walker, ESQ

5 Things Every New Business Owner Should Know

5 Things Every New Business Owner Should Know with Attorney David M. Walker, ESQ

David M. Walker, ESQ is a Detroit native who never imagined his life would be what it is today. Not only is he an entrepreneur, but he is also small business attorney. Working exclusively with start-up and small business owners to help them establish businesses, he has a passion for equipping entrepreneurs with the tools that are needed to establish capital and assert themselves in the modern business world. 

Through his hard work and drive, he has had a burning passion to work with entrepreneurs since 1998. This is what he had to say during an interview on Historically Black Since, “Before I became a business attorney, I graduated with a Bachelor of Science Degree in Mechanical Engineering from the University of Michigan. David is also the owner of Positivity Alkaline Water.  He stated “Ever since I walked into my first bottled water plant, I have been on a mission to build an efficient bottled water production and recycling facility for black communities.”

You can never have enough facts, but there are five secret tips every business owner should know when they are first starting out :

Tip 1 :Shift your mindset from employee to business owner 

3-8% people Americans get their money solely from their business. Meaning they don’t get a check from anyone or anything else , but their business. There is risk involved in it. You have to take risks to be a business owner. Most people don’t know about the stats. People know about many things that don’t have to do much with business. You have to think differently. You can’t think the same way you did as an employee, while being a business owner. You have to always be thinking of innovative ways to bring more money into the business , and not always worried about have them expenses. Focus on driving more revenue into the business, and let the expenses fall where they may

Tip 2: Learn how to manage your time

As an entrepreneur you are in control of your time. Although it may seem easier said then done, what many people fail to realize is that managing your time as an entrepreneur can be harder then when working for someone else. As an entrepreneur, starting off, it can take you 12 to 16 hours per day to generate money, and get your business going how you need it, versus being an employee and only working for 8 hours. You may find you are constantly working overtime to bring money into the business. You don’t have weekends, holidays, or a a set time when you are off. Being an entrepreneur is a 24/7 lifestyle.

Tip 3: Focus on your strengths and Hire your weakness

As a a business owner, you can’t do everything on your own. Just because you know how to do something doesn’t mean you should. Focus only on your strengths and income generating activities. Don’t be afraid to delegate.

Tip 4: Networking

Spend more time around other business owners to help grow your business. Don’t be afraid to meet new people, but pick with who and where you allocate a lot of your time

Tip 5: Securing Money

There will come a point in your business where you will want to seek outside funding. You will have to get more money, whether it be from investors, the bank, or friends and family. This can easily be achieved  if you can answer the following four questions.

• What do you do?

• Why are you good at it?

• How much money do you need?

• What does an investor get for it?

If you can answer all these questions, and you can gather money from anyone and from any source. Trigger the greed factor. Be prepared to answer all the questions that an investor is going to ask.

To Learn more about Attorney David M. Walker, ESQ visit: http://davidmwalkeresq.com/

To learn more about StarWalker Industries visit the link below

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