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Let’s do another ASL 32FChi
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I got a Partner. She does her thing and I do mine. We each keep our income and we share most expenses 50/50. My partner gives me someone to lean on in areas outside my expertise, and vice versa.
Doing this with friends is super risky, but can be very rewarding if done right. Make sure communication is strong and internal contracts are tight. Leave NO room for concern, interpretation, confusion, misunderstanding, etc. and make sure you have a system for handling internal conflicts.
Rising Star
Running a business, any business, is 50% what people pay you for and 50% the other (unpaid) stuff. That includes IT, bookkeeping, office manager, receptionist, billing and collections, and janitorial. Know what you can do competently yourself and what you need to outsource. (I strongly recommend outsourcing your bookkeeping and taxes). Don’t forget to include these costs in your budget.
PAY YOURSELF A SALARY. It will help you know how you’re really doing, plus let you pay your mortgage and eat. If you turn a profit on top of that, great. If not, you need to take a hard look at what you’re doing.
Check your state's bar to see if they have CLEs and resources for not only starting a practice but also how to avoid common pitfalls when starting one
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