If you've ever wanted to start a business or make extra money on the side, there are some key considerations and tasks that increase your chances of success. Get wise tips about managing risk, incorporating, business banking, starting no-money ventures, and how to prepare financially before starting a business.
4. Learn the legal and compliance aspects.
Depending on the type of business you are planning to start (e.g. food service), you may need to check with state and federal business regulations to understand how to meet compliance. Before the idea of a high-priced lawyer scares you away from doing business, consider the strategy used by Cara Bergeson, who started a custom t-shirt company.
Just because you don't have the specific idea, it doesn't mean you can't start saving money for a potential business.
Cara says, “The Oregon Bar Association offers free to very little cost consultations for new business owners, so I spent $25, spent an hour with a lawyer on the phone giving me advice and stuff, and then I just took it from there…”
In addition to cheap legal advice, you can usually find free help from the Small Business Administration through their SCORE program.
5. Consider your family.
Finally, think about how this new venture is going to affect your family. I asked a friend who recently started a real estate business on the side and he said this should be one of your biggest concerns before you get started.
Not only will you be spending money on this new project, you'll be spending all your extra time to get it off the ground. This means potential time away from family. If you already have a full-time job and you're considering a business of your own, you'll certainly have to skip out on some family time.
Talk to your spouse about any new business ventures before you get started to ensure you're both on the same page.
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