The entrepreneurial spirit is the catalyst for great change in the world. Small business owners dream of success when they embark on their path. There are, however, many risks to consider.
At Thornton Law Firm, I help many small business owners during the first stages of their business planning and throughout the life of their business as needed. There are a few risks to address early on so as to avoid any legal or other issues down the road.
3 big risks for Triangle small business owners to be aware of are:
- Legal: Business owners should be prepared to educate themselves on the legal issues that could arise such as accidents and workers’ compensation, wrongful termination suits, sexual harassment, or even libel. Working with a trusted attorney who can assist with small business setup and operating agreements will ensure all the paperwork is in order so business can run smoothly. It’s also a good idea to purchase liability insurance that will offer protection in the event of a legal issue.
- Financial: There’s a lot at stake when money is involved, especially if other people have money invested in your business. It can also be tough to gather the necessary funds to start a business, so financially, business owners are taking a big risk in general. Having a solid business plan will encourage investors to contribute more.
- Poor planning and execution: Timing can be everything in business. In order to time things appropriately, lots of planning is required. This means outlining a realistic business plan that includes the company’s goals and identifies risks while offering potential solutions. It should be comprehensive enough to include marketing plans and other strategies for public relations. Business owners should also seek counsel as needed so no details are left uncovered.
It might seem daunting to start, or maintain, the business. However, careful planning and risk mitigation are good ways to ensure success. Contact me today at Thornton Law Firm and I’d be happy to come visit your business and help!