The dream of running a small business is something that many people wish they could attain. The idea of being their own boss and having things done the way they want is a goal for many people. However, this dream is not something many people will ever achieve or attain. In addition, many of those who do try will ultimately fail according to statistics.
So if you are still set on the idea of running your own business just remember it is not a simple goal to achieve. You truly need to do your homework before ever attempting to start a small business.
Two important tips to know:
1. Talk with a small business attorney to make sure you do not get yourself into a lease for a building or equipment that puts your personal finances at risk. Many people rush into their business ventures without understanding the risk.
2. Just because you create an S-Corporation for your small business does not mean your personal finances will be protected if your business goes bad. Many times as a sole owner of a small business you will have to personally guarantee a lease for property or equipment. This is why it is important to get the proper legal advice before ever signing any kind of lease. Leases are completely negotiable so make sure you are not getting stuck with a bad lease.
So the bottom line is starting a small business may sound like fun, but it is also a huge financial risk. Remember most small business ventures fail within the first year.