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.