The dream of running a small business is something which lots of folks wish they could achieve. The notion of being their own boss and having things done the way they need is a goal for a lot of folks. However, this dream isn’t something lots of people will ever reach or attain. Additionally, a lot of people who do try will finally fail based on statistics.
So if you’re still set on the concept of running your own business just remember it’s not a simple wish to attain. You truly have to do your homework before trying to begin a small business.
Two important tips I learned:
1. Talk to a small business lawyer to be sure you don’t get yourself into a lease for a building or equipment that sets your personal finances at risk. Lots of people rush in their business ventures without understanding the danger.
2. Just because you make an S-Corporation to your small business doesn’t mean your personal finances will be protected if your business goes bad. Many times as a sole proprietor of a small business you’ll need to personally guarantee a rental equipment or property. This is why it’s important to get the correct legal counsel before ever signing any sort of lease. Leases are completely negotiable so be sure you aren’t getting stuck with a bad rental.
So the most important thing is beginning a small business may seem like fun, but it’s also an enormous financial risk. Remember most small business ventures fail within the first year.