Starting a Business

Fri, Feb 13, 2015

General Legal Issues

Some rights reserved by Willy DIt’s the American dream for many…owning your own business. It’s a dream that many pursue to create successful small businesses or grand empires. However, just as many Americans have business dreams that wither and die before they even get started or long after they leave a trail of economic destruction.

Starting a business should not be done without great thought and planning. It’s not easy to run a business these days. Interest in something by itself does not make a successful business. You can be super interested in something and still not be able to successfully run a business around it. And why is that? Because you need to be able to turn that interest into a business that turns a profit. That means someone else (usually a lot of someone elses) needs to be interested in it, too, or need it, or want it. Moreover, sometimes your interest turns out to be uninteresting when you are doing it for a job and not just for fun.

That seems obvious to many, but not to all. Make sure you choose a business that you really want to run and that you think you can sustain interest in. On the other hand, make sure you are okay with possibly messing up your love affair with that interest. Accept that starting a business may change how you feel about that interest.

Something else to consider is whether you feel you can work with others in your business. Are you good with the public? Are you capable of selling things? Are you brave enough to go out and spread the word? Do you believe enough in your idea? Do you have a thick skin?

And do you have enough money saved to live on while you begin your business? Alternatively, can you work a second job, too? What about your family, will they understand you will have less time to spend with them?

Make sure you also do research about the way to market products and services. Make sure you have spent enough time and money researching promotional tactics and know how to provide good customer service.

In addition, make sure you know what you need help with. Are you good with accounting? Can you do your own books or is it worth the money to have someone else do that while you spend your time doing other important tasks for the business.

Moreover, can you accept that as the business grows you might spend less time doing the parts you like? Even though you might be reaping financial rewards, you might mourn the loss of some aspects of a business that you like.

Finally, make sure you keep your business legal in the eyes of the government, especially the IRS. Make sure you are making sound business decisions—don’t neglect those important aspects of running a business. It’s no fun to owe back taxes or pay fines for bad business decisions based on ignorance or doing something incorrectly. Make sure you research and hire professionals for anything you aren’t sure about, including getting important legal advice.

Starting a business is an exciting time, and a time to make good decisions that increase your profits and emotional wellbeing.

Attorney Christopher D. Smith, Sr. is designated a Board Certified Consumer Bankruptcy Lawyer by the American Board of Certification. SmithLaw is located in Lakewood Ranch, Florida.  Attorney Smith concentrates on bankruptcy, civil litigation, probate, estate planning, and elder exploitation cases in the Sarasota and Bradenton area.  Call 941-202-2222 to learn more.  SmithLaw offers free consultations in certain areas, including consumer bankruptcy, probate, and personal injury matters.

Image: Some rights reserved by Willy D

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