Zack had always dreamed of owning his own business. He had saved up a small amount of money and decided to take the plunge into entrepreneurship. He had heard stories of other people starting their own businesses without any professional help, so he figured he could do it too.
Zack decided to start an online ecommerce store selling vintage items. He used Google to come up with a business name, quickly created a website, found a few suppliers, and began to promote his business.
Things were going smoothly until he ran into a few problems. During a dispute with a supplier, he learned that he had not registered the business properly, nor did he get a business license or set up a separate business bank account. He also didn’t know how to properly protect his intellectual property or the company’s other assets.
Zach was stressed and frustrated. He was quickly running out of money as he tried to figure out how to solve these issues on his own. He eventually realized that he needed the help of a lawyer to help him set up his business properly.
In the end, Zack spent money on legal fees anyway, and it was more than he would have spent had he done it right from the start.
He learned a valuable lesson about the importance of seeking professional help when starting a business.
Will you learn the lesson from Zack or must you make your own mistakes?