While Bus & Professions Code § 6400, et seq. goes into great detail about the role and responsibilities of an LDA, what it does not tell you is the business aspect of becoming an LDA. Self-Employment is not for everyone.
In addition to the technical portion of the business, there is also a compliance proration such as federal, state, and local business licensing requirements that your business must comply with. Then there is the financial aspect.
Are you ready to prepare financial statements like a Profit & Loss or how about a Balance Sheet? Sure you can contract out the accounting portion, but hiring a professional accountant would increase start up costs and monthly overhead.
Don't forget marketing! Building a lead tunnel for which prospective client to follow so when they get to you they are ready to close the deal! Oh, by the way you'll need client management software, and document drafting software for pleadings which may require thousands of initial investment depending on your business needs.
What will the day to day operations in your business be like? What will clients experience when they interface with your business, i.e. client flow.
Have I scared you off yet? No, good!
Then becoming an LDA may be right for you after all. The best place to start is with building your business is with the support of the Small Business Administration. Having a business plan with 3/5/10 years goals is important. This is the framework your business will follow.
It's really comes down to the entrepreneurial mindset. Look, I know I can be difficult, but you can do it. To help keep me motivated and on track I surround myself with like minded professionals by network with fellow entrepreneurs and listening to podcasts such as Side Hustle Pro.
Author: Angela Grijalva
Just another entrepreneur "Tryin' to make a dollar out of fifteen cent," and making a difference.