Moira Grigor started her own law firm after having first gained
experience in one of the top firms in Birmingham. However, she quickly
found out that being a skilled lawyer is only one part of running a
successful firm, as you also need to have a high level of business
acumen in order to be a success. Planning is essential, so she has
developed the following pointers for people who are considering
following in her footsteps.
Know Your Budget
Setting up a business is not cheap, so you need to understand the money that you have available and how best to use it in order to have the highest chances of success. Speak with an accountant and determine how to use the money at your disposal, placing particular focus on how you can reduce overheads.
Don’t Spend Too Long
It can often be tempting to spend a large amount of time creating your business plan, but this can also lead to delays that prevent you from taking full advantage of market conditions. Be detailed, yet succinct in creating your plan. You should have a date in mind for the official unveiling of the business and do everything that you can to meet that date.
Consider The Competition
The level of competition you will face should be one of the first things that you research when starting your own business. For Moira Grigor, this meant looking into every law firm that offered similar services to her own, allowing her to identify areas of Birmingham that were not receiving the level of service they required. You need to do the same for your business, ensuring you take advantage of demand wherever it is available, instead of trying to compete directly with more established companies.
Know Your Budget
Setting up a business is not cheap, so you need to understand the money that you have available and how best to use it in order to have the highest chances of success. Speak with an accountant and determine how to use the money at your disposal, placing particular focus on how you can reduce overheads.
Don’t Spend Too LongIt can often be tempting to spend a large amount of time creating your business plan, but this can also lead to delays that prevent you from taking full advantage of market conditions. Be detailed, yet succinct in creating your plan. You should have a date in mind for the official unveiling of the business and do everything that you can to meet that date.
Consider The Competition
The level of competition you will face should be one of the first things that you research when starting your own business. For Moira Grigor, this meant looking into every law firm that offered similar services to her own, allowing her to identify areas of Birmingham that were not receiving the level of service they required. You need to do the same for your business, ensuring you take advantage of demand wherever it is available, instead of trying to compete directly with more established companies.
