When Do You Start Your Own Business?
At some point, people will always have this idea in their mind. Starting a business is never easy and unless you are gifted with the golden touch of managing for success, chances are the road to success will be bumpy.
Today may not seem to be the best time to start a business but there are people who are still considering it, especially the ones left with little options as far as income is concerned.
According to a new survey by FindLaw.com, the most popular legal information Web site, 61 percent of Americans have either started or thought about starting a small business.
- Thirty percent of Americans say they have started at least one small business.
- An additional 31 percent of Americans have thought about starting their own business at some point in their lives.
- Only 39 percent of Americans say they have never started, or even considered starting, their own business.
Small businesses are an important part of the economy, generating a significant portion of new jobs. Small businesses (defined as 500 or fewer employees) employ about half of all U.S. workers and have generated more than half of net new jobs annually over the last decade, according to the Small Business Administration. There are an estimated 20 million businesses in the U.S. that consist of only the owner with no additional employees.
“Owning your own business is a dream that many people have and that many people act upon,” said Stephanie Rahlfs, an attorney and editor at FindLaw.com. “Even in difficult economic times, people often take advantage of opportunities to start a business where they see unmet needs, a chance to turn a personal passion or interest into a business, or because they want to have more control and responsibility over their work life.
“Starting a business involves many legal and regulatory requirements, including state and local licensing and registration, taxation, zoning, intellectual property and financing,” cautions Rahlfs. “Knowing what the requirements are, what information you’ll need, and where to find good advice and help are essential. Research has found that businesses that make it through the first four years have a much better chance of lasting long-term.”
Free Internet resources, such as the FindLaw Small Business Center, can provide helpful information on starting and managing a small business. The FindLaw Small Business Center covers first steps for starting a business, incorporation and business structures, business laws and regulations, finance, taxes, business forms and contracts, and a directory for finding attorneys who specialize in small business.
The FindLaw survey was conducted using a demographically balanced telephone survey of 1,000 American adults and has a margin of error of plus-or-minus three percent.
