How often do you think about starting your own business? When you consider starting a business, is your first thought that you’re not ready or it’s not the right time? So how do you know when it is time to start that business and become an entrepreneur? Here are some clues you might be ready to be your own boss:
- You have done your research and understand the pros and cons of becoming an entrepreneur. This includes talking to other business owners and developing best case – average – and worst case financial scenarios. You should also look at funding options to begin your journey.
- You have investigated the best choice to set up your new business and understand the short and long term pros and cons of each. Each form of business – a sole proprietorship, partnership, LLC, corporation, non-profit, etc. – has different benefits and legal requirements. It’s also important to consider shareholder/member buy-out agreements to govern the transfer of ownership in the future.
- Your family and friends are ready to support your endeavor. You can start a business without a support network, but it’s much harder.
- You have talked with a small business organization like SCORE or visited your local community college Small Business Center for input and direction. It doesn’t hurt to find a mentor and learn from that person.
- You have a game plan that includes your goals for the business and for yourself.
- You have worked with someone to help you identify and address areas of risk in the market(s) and industry your business will serve.
- You are passionate about the business/industry/cause you’ll be starting. Getting a business off the ground takes time and dedication. If you can’t think of anything else you would rather be doing, it might be time to take the leap.
Once you’re ready to move forward, there are some legal and practical considerations to starting your company or organization. To begin, you will need to file the appropriate legal documents to set up your new business or organization. After the business is registered with the North Carolina Secretary of State, you may need to set up bank accounts, hire an accountant, lease or buy space for your operation, contract with suppliers, hire employees and more. We recommend you start the process by speaking with a business law attorney before you move forward. Contact us to schedule an appointment with one of our business law attorneys.