Starting a Business Solo!

As many people’s New Year’s Resolutions include not working in the same old job by the end of the year, this month we are talking about ownership of a business. This week we are going to discuss opening a business by yourself.

Possibly the easiest way to start a business is to open it by yourself. When you open a business by yourself, you do not need to worry about making sure that you get consensus for decisions, determine who is going to be responsible for what, or get extensive legal documents prepared (although you should still have some legal documents prepared). Even little things can become easier such as deciding what hours you want to be open if you are opening a retail store, which customer your want to take, or something as basic as what name you are going to use for your business.

While making decisions may become easier, many things may become more difficult though. When opening a business by yourself, you are solely responsible for its success. This means that you may have to work longer hours or come up with more money than you would have to if you had business partners. It also means that you may have a harder time finding someone to bounce ideas off of as those around you may not be as invested in your business as business partners would be.

Some of the rewards of opening your own business come as it is more successful. For example, if you open a business by yourself, you get to reap the rewards of the business as it becomes financially better off (minus whatever Uncle Sam takes from it). You also get to know that you built the business yourself without the help of others (or at least with less help from others than you may have had with business partners).

If you have any questions about going into business by yourself, it is always a good idea to talk to other individuals that have opened businesses similar to the one that you are looking to open. Asking questions such as, “Why did you start your business on your own (or with partners)?”, “If you had it to do over again, would you start the business by yourself?”, and “What was the hardest part of starting a business by yourself (or with partners)?” are good questions to start with. It may help you determine if you want to go into business by yourself or with others.

If you have any questions about starting your business – either on your own or with partners – make sure to call me, your Denver business lawyer, Elizabeth Lewis today at 720-258-6647.

About Elizabeth Lewis
Elizabeth Lewis is a small business attorney, mother of two, and owner of the Law Office of E.C. Lewis, PC. She works with small businesses from start up to dissolution and everything in between. In addition to running her law firm, she teaches small business owners throughout the state at various business groups, is part of the Colorado Bar Association's Business Law Section, and several chambers. Legal Background Following the advice that she has given hundreds, Denver Business Attorney Elizabeth Lewis became a small business owner in January of 2010. She opened the doors to her own law firm, the Law Office of E.C. Lewis, P.C. which specializes in business, intellectual property, technology, and online law. Prior to starting her own business law firm, she worked for the Law Firm of David A. Sprecace, P.C., where she developed the firm’s business and technology law practice. She also has extensive experience in these fields from working under the lead attorney at the CU Technology Transfer Office where she wrote licensing, non-compete, employment, and business contracts. IT Background Prior to attending CU Law School, Elizabeth worked at Experian, one of the largest credit bureaus in the country providing IT support as part of the email-marketing department. She holds a Masters of Science in Computer Information Technology, gained while working in system administration prior to law school. She continues to be active in the IT community by attending conferences, classes, and events to learn about new technology before it hits the internet. Education Elizabeth Lewis is a native of Denver, Colorado. She has attended Holy Family High School, Metropolitan State College of Denver (Bachelor of Arts), and Regis University (Masters of Science). She received her Juris Doctorate from the University of Colorado Law School and continues her legal education taking Continuing Legal Education classes from the Colorado Bar Association and Denver Bar Association on a regular basis. Additional Activities Elizabeth regularly participates in the Denver Bar Association and Colorado Bar Association. She recently was named the head of the e-Commerce Section of the Business Law Section, Colorado Bar Association. Elizabeth is active in her community and hold memberships with the Fax Partnership, South Metro Chamber of Commerce, Glendale Chamber of Commerce, Colorado Bar Association, and Denver Bar Association. She teaches regularly at locations throughout the Front Range. In her free time, she loves spending time with her family which includes her husband, two sons, and dog and enjoying all that her home state has to offer, including hiking, biking, enjoying over 300 days of sunshine a year, and most recently crossfit.

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