Starting a Business

STARTING A BUSINESS:

THE HEART AND SOUL OF OUR NATION

     People can disagree vehemently with each other about politics, but I challenge any American to refute the following statements: The ability to start a business is the heart and soul of our nation and its people. Starting and maintaining a business correctly is the best way to insure a life free from job instability. Starting a business provides both financial security and a lifelong outlet for creativity.
     After 27+ years as an attorney (25 of them in my own firm, which is a business), I advise everyone who asks that starting a business enables people to enjoy the very best that life has to offer.
    You often hear about the terrible problems people face when they start a business, and about business failures. Most business failures, I have found, are due to failure to rely on an attorney and CPA. However, some businesses (personal organizer, dog walker, typing/editing and party planner are a few that come to mind) can be started without a lot of risk or specialized skills, and initially these often do not require a lot of advice from an attorney and CPA.
    I am certainly biased, but I am also experienced enough to say that businesses that start out with and rely on a knowledgeable attorney and a competent CPA can anticipate success.
    Anyone, poor or rich, can start a business. There's no excuse other than laziness not to do so. One need not start big. If you have a job, assuming there's no prohibition by your employer, start with a small side job and develop your business slowly. Anyone with specialized knowledge who is not under a non-compete agreement can start a consulting business, charging an hourly rate for his or her expertise. There are web sites that match consultants with people in need of consultants. Do a search on the web for these sites. Then obtain a billing program, and get in the habit of billing your clients every thirty days.
    In some cases, you don't need to go to school or spend a great deal of money to start a business. Instead, go to the library and research what you want to do, and then find out if you can obtain insurance to cover your endeavor. In many cases, the use of lawyers is essential, particularly when the nature of the business creates a significant risk of being sued. Examples of these are restaurants/catering, real estate investment/landlords, auto repair, contractors (electric, plumbing, construction), some manufacturing and anything used by children), and life/relationship/job coach.
    Every business, large, small and otherwise, should use a lawyer when reviewing and signing contracts which involve a great deal of money. I know the pitfalls because I have seen so many contracts. The greatest tragedies I have seen in my practice are contracts and transactions costing thousands of dollars which people enter into without first obtaining expert advice. Sometimes in a few hours I can fully advise you about the pros and cons of entering into contracts and transactions. I can also draw up contracts for you, often using "blanks" so they can be reused.

NOT INTENDED AS LEGAL ADVICE - CONSULT WITH A QUALIFIED ATTORNEY BEFORE RELYING ON THIS INFORMATION