small business displayed on calculatorThere is nothing quite as fulfilling as starting a business and nurturing it into a thriving enterprise. Entrepreneurship allows one to chase their passion, set and achieve goals, and pursue professional and financial success. For those who are focused and driven with an independent spirit, it’s an appealing option. And it’s growing. A 2019 report from smallbizgenius.net says that 15 million Americans were full-time self-employed and the number was expected to grow.

Here are some things to consider when researching self-employment or new business opportunities:

  • Often entrepreneurs turn their hobby into a full-time business. Photography, art, model railroading, automotive repair and hundreds of other activities can all be turned into profitable concerns;
  • Ensure there is a market for the product or service. Going through daily activities often reveals a better way of doing things. Determine how a new idea could generate income;
  • Ease into the business part-time. Many entrepreneurs work at building their small business on evenings and weekends while keeping their full-time job;
  • Develop a business plan. Detail market opportunities, financing, revenue and expense projections, employment needs and growth projections;
  • Review franchise options. There are literally thousands of franchise opportunities. These companies offer a proven business model and a familiar brand in exchange for a franchise fee and, often, a percentage of revenue. A franchise eliminates some of the risk associated with opening a small business, but there is usually little opportunity for creative freedom;

When stepping into the exciting world of small business ownership, it’s vital to get an attorney onboard early in the process. They can help with everything from legal filings to regulatory compliance to trademark and copyright protection or infringement. We’re you’re ready, we’re here for you.

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