4 Misconceptions About Starting Your Own Business
Starting your own business can be incredibly rewarding financially, mentally and emotionally. Of course, it an also be incredibly challenging. Starting a business at the Lake of the Ozarks requires many details and specifications being met and attended to - and failure to properly establish a business can have serious consequences for both you and the business.
If you are thinking about starting a business in the future, our business attorneys in Camdenton, MO may be able to help you avoid some of these potential pitfalls. This week, we're here to help clear up some common misconceptions about starting a business.
Misconception #1: "I Only Need A Business Plan If I'm Going To Apply For A Loan."
While it is common for lenders to require a solid business plan as part of the loan application process, you should create a business plan regardless of whether or not you intend to apply for a loan. Your business plan will serve as a valuable guide throughout the entire startup and management process; without it, you may end up feeling like you are "flying blind."
Misconception #2: "As The Owner Of My Own Business, I'll Have Complete Freedom."
This is possibly one of the most common (and most devastating) misconceptions about starting a business. Many aspiring entrepreneurs start their own companies because they are tired of answering to someone else; they're ready to set their own hours and enjoy the freedom of "being their own boss." If this sounds like you, it's time for an important reality check: as the owner of your company, you will be responsible for its success. If an unhappy customer calls with a major issue in the middle of the night, you are likely the one who will have to handle it.
Misconception #3: "As Long As I Know My Trade, I'll Be Fine."
Of course you'll need to know the ins and outs of your chosen industry, but if you want to succeed as an entrepreneur, you'll also need to have a solid working understanding of the legal aspects of starting (and operating) a business. From hiring (or firing) employees to filing your business' tax forms every year, business owners are expected to meet a multitude of legal requirements. It's important to seek (and heed) the good advice of experienced business attorneys at the Lake of the Ozarks and of successful entrepreneurs who have gone before you.
Misconception #4: "It Doesn't Matter How I Set Up My Business."
Not only is this misconception entirely inaccurate - it can be very dangerous. Each type of business entity has a different set of advantages and disadvantages that can have a significant impact on almost every aspect of your business, including taxes and lawsuits. For example, in a general partnership or sole proprietorship, the business owner(s) may be held personally liable for the company's debts and losses. We strongly recommend that you consult with a business attorney and a tax professional to make sure you choose the business entity that will best meet your unique needs.
Starting A Company? Talk To One Of Our Business Attorneys!
As the owner of your own company, you will undoubtedly face many unforeseen challenges, but we encourage you to set yourself up for success by taking the appropriate steps now. Before you invest much time into your company, set up a consultation with one of our business attorneys in Camden County. We may be able to help provide you with much-needed guidance to help you lead your company to a successful and lucrative future. Give us a call at 573-346-7231 to get started!
The choice of a lawyer is an important decision and should not be based solely on advertising. When you need a knowledgeable attorney, we invite you to contact us to set up a consultation. Evening and weekend appointments are available. We have access to interpreters.
If you are thinking about starting a business in the future, our business attorneys in Camdenton, MO may be able to help you avoid some of these potential pitfalls. This week, we're here to help clear up some common misconceptions about starting a business.
Misconception #1: "I Only Need A Business Plan If I'm Going To Apply For A Loan."
While it is common for lenders to require a solid business plan as part of the loan application process, you should create a business plan regardless of whether or not you intend to apply for a loan. Your business plan will serve as a valuable guide throughout the entire startup and management process; without it, you may end up feeling like you are "flying blind."
Misconception #2: "As The Owner Of My Own Business, I'll Have Complete Freedom."
This is possibly one of the most common (and most devastating) misconceptions about starting a business. Many aspiring entrepreneurs start their own companies because they are tired of answering to someone else; they're ready to set their own hours and enjoy the freedom of "being their own boss." If this sounds like you, it's time for an important reality check: as the owner of your company, you will be responsible for its success. If an unhappy customer calls with a major issue in the middle of the night, you are likely the one who will have to handle it.
Misconception #3: "As Long As I Know My Trade, I'll Be Fine."Of course you'll need to know the ins and outs of your chosen industry, but if you want to succeed as an entrepreneur, you'll also need to have a solid working understanding of the legal aspects of starting (and operating) a business. From hiring (or firing) employees to filing your business' tax forms every year, business owners are expected to meet a multitude of legal requirements. It's important to seek (and heed) the good advice of experienced business attorneys at the Lake of the Ozarks and of successful entrepreneurs who have gone before you.
Misconception #4: "It Doesn't Matter How I Set Up My Business."
Not only is this misconception entirely inaccurate - it can be very dangerous. Each type of business entity has a different set of advantages and disadvantages that can have a significant impact on almost every aspect of your business, including taxes and lawsuits. For example, in a general partnership or sole proprietorship, the business owner(s) may be held personally liable for the company's debts and losses. We strongly recommend that you consult with a business attorney and a tax professional to make sure you choose the business entity that will best meet your unique needs.
Starting A Company? Talk To One Of Our Business Attorneys!
As the owner of your own company, you will undoubtedly face many unforeseen challenges, but we encourage you to set yourself up for success by taking the appropriate steps now. Before you invest much time into your company, set up a consultation with one of our business attorneys in Camden County. We may be able to help provide you with much-needed guidance to help you lead your company to a successful and lucrative future. Give us a call at 573-346-7231 to get started!
Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C.
The choice of a lawyer is an important decision and should not be based solely on advertising. When you need a knowledgeable attorney, we invite you to contact us to set up a consultation. Evening and weekend appointments are available. We have access to interpreters.
We accept Visa, MasterCard, and Discover.
85 Court Circle N.W., P.O. Box 559
Camdenton, MO 65020 GET A MAP
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