Should I Open My Own Business?

Are you tired of working hard so that someone else can earn a few extra dollars in profit? Would it not be more gratifying if your extra hard work resulted in more money in your own pocket instead? Almost everyone who has ever punched a clock has dreamed of opening his or her own business one day, yet only a small percentage ever take the leap and make their dreams a reality.

In my practice as a business law attorney, I have helped hundreds of prospective business owners objectively analyze their situations to determine if starting a new company would be worthwhile. Along the way, I have identified a few basic questions that you must answer before going into business for yourself.

What Is Your Idea?

A new business is based on a new idea, or, at least, an improved version of an existing idea. Whether you want to open a restaurant, a bar, a manufacturing company, or a business in any other industry, you need something to sell and a reason for customers to choose you. If your research shows that there is a niche that could be filled by opening your new business, you may be in the right place at the right time. If the market is already saturated and your idea is very similar to dozens of existing businesses, you may wish to look elsewhere.

Can You Do It?

Running a business is nothing like being an hourly employee, especially if the business is your own and especially in the first few years. You will need to work long days, most likely serving your customers during hours of operation then turning to paperwork, regulatory compliance, and other details once the doors are closed for the day. When something goes wrong, your staff is going to turn to you for solutions. It is important to be self-aware enough to know whether you have the necessary skills to own your own business.

Do You Really Want To?

When you work for someone else, you nearly always have the freedom to find a new job if you should become unhappy or tired of your current position. While it may not be the most professional decision to make, the choice to quit is available at any time. As a business owner, you do not have the same luxury. You cannot simply decide you are going to do something else. Your staff, your customers, and, in all likelihood, your family are all dependent on you opening the doors tomorrow morning.

You may have the skills to run a business, but ability is only half of the equation. The other half is your commitment. Your company will not succeed unless you are truly invested, so if you are unsure whether you really want to open a business, you may need some additional time to decide.

Call One of Our Hoffman Estates Business Lawyers

The experienced Naperville business planning attorneys at our firm can help you work your way through the decision-making process and come up with a strategy for running a successful company. Call the Gierach Law Firm at 630-756-1160 today for a confidential consultation and get the responsible legal guidance you need.

Sources:

Small Business Administration

The Balance