I Own a Small Business, Do I Need a Business Lawyer?
Whether you are starting your own business from scratch, going into a business opportunity, or buying a business, you need to have certain characteristics, traits, skills, and goals in order to succeed. So how do you know if you are ready to own a business? Basically, you need to ask yourself some hard questions and give yourself honest answers. If you don’t have the time and commitment to start a business, you need to look elsewhere for your income. You may be better served accepting a job with a company. There are those that need structure and a job is the place for them. But, if you are inclined to owning your own business, then lets discuss some necessary items. First, you need to have a plan. The plan can come from your own imagination, the franchisor, or the company offering the business opportunity. It doesn’t have to be something set in stone, and it doesn’t have to be fancy. It just needs to be a basic outline of what your business will be, what you will sell, how you will sell it, and what your operating costs will be. It is recommended that you include at least three months of operating expenses into your start up costs budget, which also needs to be determined in your plan. The next item is paramount to your success. It is the infamous 4 letter word and that is work.
If you have dreamed of owning your own business then you can succeed at it. It is possible for you to be your own boss, acquire more out of life, and feel more satisfied and fulfilled every single day. Often we pursue career opportunities only to realize that we aren't fully satisfied with what we are doing. We desire more out of life but are not quite sure what it is. And it can seem as if something is missing. If you feel like you are missing something in your life then it doesn't have to be that way. Being your own boss might seem intimidating but it shouldn't be. You can actually achieve that goal in a step-by-step fashion that provides you with an opportunity to grow and excel, and then coach and teach others to do the same. Being your own boss is an amazing feeling because it puts you in control of the income you generate. It also gives you the tools and strategies to create the life you desire and deserve.When you own your dream business that means you own a business that is built around your passion and purpose, a business that allows your gifts and talents to shine, and a business that makes a difference in the lives of others. And you can become your own boss for a very affordable investment.Now it is important to understand that becoming your own boss takes a lot of work and dedication. But it is extremely rewarding. If you are willing to put in the work and stay dedicated until you manifest your desired results, then you can be a very successful business owner. Many people dream of owning a business but are not sure how to bring that dream into reality. But that doesn't have to be your story. You can launch and operate the business of your dreams and have dedicated support along the way. It is your time to get off the fence about becoming a business owner and make it happen. An abundance of hidden possibilities are waiting for you.
The Advantages of Owning a Home-Based Business
Creating a business from home is not as difficult as people may think. There are a multitude of home businesses that offer people the chance to earn income from the comfort of their own home. All you have to do is find the right home business opportunity to join. Better Business Bureau is a non-profit organization that gives people the opportunity to get an objective review on most home business opportunities. If you are searching for the right opportunity, this non-profit organization is a safe place to see if an opportunity is legit or not.According to home business magazine, marketing contributes to 58% of a business's success.Once you find the right opportunity, you will have to use effective marketing techniques. Being involved with the right opportunity is half the battle, you will have to use up-to-date techniques in order to get the best attention from the marketplace. Below are some effective marketing techniques to use when you are launching your marketing campaign. 1. Seasonal marketingSeasonal marketing is a great way to attract new customers for your brand. For retailers like Hallmark, Valentine's day represents the biggest portion of their business, according to Google. I would recommend that you do some research as to when your products are most in season for your market. If you know when your products and services are in season, you will be able to find demand and promote your products at the best possible time. I would recommend that you go on any search engine and search for free trend-tracking services in order to see when it will be the best time for you to market your product.2. PR marketingThis type of marketing is expensive. If you have a big budget, you can use the power of public relations in order to bring awareness to your product. When Steve Jobs was alive, apple constantly held press conferences to announce new products. You can go on any search engine and research the best public relation marketing services in order to get started. I suggest that you start off with the lowest possible budget first before going to the more expensive packages. 3. Online marketingOnline marketing has elevated to a new level. You can use a multitude of online marketing services, like e-mail lists, in order to come in direct contact with the people who are interested in what you have to offer. To succeed in e-mail lists, you will have to master the art of prospecting and closing. Once people respond to your promotional e-mails, it is best to call them in order share what your product has to offer.You can master the art of calling leads by getting prospecting and closing scripts on any search engine.According to home business magazine, any person who is affiliated with a home business opportunity can succeed as long as they master effective marketing techniques.
Buying a Business - The Traps and How to Avoid Them - Part 1
I get asked this question all of the time. Mainly, this question comes from people I run into that own and operate a small business and have always done things for themselves. The business may have a few employees, own some assets and is quite profitable. When speaking with them, I always hear "I don't really have any legal problems so why do I need a lawyer? Business is good and my employees love me." Well, when I hear this, I know what I am getting into.The first thing I ask these people is: how is your business structured? LLC? Corporation? Once we determine that answer, the next questions become: Do you have an operating agreement if you are an LLC or by-laws if you are a corporation? Do you have annual meeting minutes? Seven out of ten times people respond "no" to these questions. This is why they need a business lawyer. If they are not following corporate formalities and organizational protocols and someone would sue the company, the chance of that plaintiff piercing the corporate veil and attacking the owner's personal assets increases exponentially. Another question I ask is: do you have written contracts for the work you perform and the business dealing you are involved in? About 4 out of 10 say no. Again, this is why they need a business lawyer. The handshake agreement doesn't work in today's society. Everything should be in writing, not because you can trust no one, it is because you need to protect your rights. If they don't have contracts they use or have written them themselves, you can bet that they will spend insane amounts of money to settle disputes that could have been prevented by working with a business lawyer from the start.Lastly, I usually ask them if they understand the various federal and state employment laws that govern the employer-employee relationship. Most respond with "Pennsylvania is an employee at will state and I can fire anyone at anytime." This is what I call a ticking time bomb. Yes, it is true that Pennsylvania recognizes employment at will; however, there are various laws that give employees protection from discrimination, unfair treatment, unfair wages, etc. Most of the time these business owners have no idea what they don't know and end up doing something that costs them ten of thousands of dollars to settle. This is why they need a business lawyer. So as you can see, there are many reasons to work with a business lawyer when you own a business from the start. People improperly assume that the only time they will need a lawyer is in the event that they get sued. However, a good business lawyer will help you run your business in a way that limits the reasons for which you could be sued at a fraction of the cost it will take to litigate and resolve a dispute down the road.
Buy A Business With No Money Down?