Starting a small business can be extremely fulfilling, but it is also a huge challenge, especially for first-time business owners. When you start a small business, you will have questions from day one, such as:
- Do you need to keep your day job?
- How will you support yourself and your family until your business takes off?
- Will your business plan translate to the real world?
- What are the state and municipal laws regarding your type of business?
Here is a little advice to help small business owners start out on the right foot.
Tips to Successfully Start a Small Business
Forbes recently featured an article with advice for how to successfully start a small business. The top three tips from the article were:
- Fix a Problem – One of the best ways to build a customer base is to provide a service that solves a problem that your target market is facing.
- Don’t Quit Your Job – At least, not right away. If possible, you will want to build your small business up before abandoning the steady paycheck and benefits that your 9 to 5 job provides. Your day job allows you to keep things like medical insurance and the ability to cover emergency expenses, such as car repairs, without dipping into your savings or the money you set aside to start your business.
- Know the Rules and Regulations – You should know how to properly set up a legal business, including registering your business with the state, what tax liabilities your business with face and what type of employer laws you will need to follow. Those are just a few of the many legal requirements you will have to meet. In many cases, a business lawyer can help small business owners get their business up and running.
How Can a Business Lawyer Help Me?
In the video below, New Jersey business attorney Gary L. Mason talks about the services business lawyers can provide to small businesses, including non-compete agreements, breach of contract and partnership disputes.
Discussing your situation with a New Jersey small business lawyer can help you protect your business and yourself from the financial and legal pitfalls you will face as a small business owner.