Are your tired of working for someone else? Would you like more flexibility in your daily life? Do you have a business idea or service that you want to pursue in a more concrete way? If so, it might be time to start putting your thoughts into action and start your own business. How about in 2018?
It is great to see, and work with, motivated and energized people as they begin their process of self-employment. However, it is also important for new business owners to start out on a solid footing to maximize their chances of success and minimize their risks; financial and otherwise. As we all know, many new businesses fail despite diligent effort and enthusiasm. This is a hard reality.
Consequently, we strongly encourage you to consult with seasoned legal, tax, insurance, marketing, and other professionals to ensure that you begin your process with sound advice and guidance. By doing so, your business will greatly benefit by streamlining and identifying your business model and plan, truly understanding your bottom line and intended customers, and minimizing your legal, tax, and regulatory exposure and liabilities. All of which will help your success.
As a good first step, you should consider creating a legal entity, whether an LLC or a corporation depending on your goals and business. And, you should get legal help in doing so. Too many people use online forms and other generic resources that may not work well to start your own business and may actually cause you more harm than good in the long run.
We recommend you focus on your business and allow another professional to assist you in what they do best to help you with what you do best. Best of luck in making 2018 a truly new year for you! And if you’re still wondering if it’s time to start your own business, contact a professional to help you weigh your options and risks.