This Div is a JS Trigger

Start up costs / Credit sources

Things to consider

- Start up costs: Ensure that enough cash or a line of credit is available to cover start-up costs and at least the first six months to one year of operating expenses plus personal living expenses. Be conservative with revenue and generous with overhead/personal expenses.

- Sources of credit

  • Local bank/Credit Union
  • Personal, business loan
  • Home equity, home refinance
  • Line-of-credit  to  be  drawn  upon  as needed
  • Lease, equipment loans
  • Family loans/private investor loans
  • Personal savings

Resources

Secrets of the business of law – Opening your own office: what will it cost?” Canadian Bar Association (retrieved February 2, 2016)

Consider issues regarding: Guarantors, ILA, Ownership restrictions (Fee splitting / Fee sharing / Profit sharing with non-lawyers and landlords, etc). Also, long term commitments regarding equipment and office space are not desirable at inception.