There are many reasons for individuals to start their own businesses. They may see a need in the marketplace that they can fill with their idea. Perhaps they have spent many years working in a particular industry, and have learned how to produce goods or offer services to clients in a much more efficient way.
However, according to a Cox Business Week Small Business survey, the main reason that people decide to start a business is the chance to be their own boss. Having control over the way that the company will be run is a major motivating factor for many individuals. But what do people need to know before they start their own businesses?
The first thing that people will need to do is to decide what type of entity their business will be. This is important, because the type of entity that is selected can have a major impact upon the business owner’s taxes or liabilities. It will be necessary to evaluate the different options that are available before deciding which is best for this particular business.
Next, the business owners will need to decide how the company will be operated. If there are multiple owners, it may be necessary to decide how disputes will be addressed. Additionally, the owners should create any other bylaws that will be needed to ensure that the business will be able to function effectively. New business owners may also wish to discuss how to handle matters when their entities are closed or shut down.
Those individuals considering starting their own businesses may wish to speak to an experienced attorney about the concerns that they may have. Many new business owners have never been through this before, and are uncertain about the items that they will need to have addressed before starting. An attorney can explain these issues, and allow the business owners to have peace of mind.
Source: Yahoo!, “The number one reason most entrepreneurs start their own businesses,” David Mielach, June 20, 2013.