BizTech Law Blog

Starting a Business in 2022? Top Things You Need to Know

You're leaving your current job because you have an idea for starting your own business in 2022. In your head, the business plans look incredible and you will be working on something you're truly passionate about. But where do you start?

According to Digital.com, a leading independent review website for small business online tools, products and services, roughly 32% of Americans quit their jobs during the pandemic to start their own business (1 in 3 workers). Of those respondents, 62% said they are starting a new business because they want to be their own boss. Whether you are just getting ready to launch the new business or are still in the startup phase, here are the top things you need to consider before you launch.

1. First, ask yourself, why you are starting a business? What do you want to get out of it: Is it to make money? Is it something you are good at and want to turn into a business? Is this something you want to do to the point that it is all you do every day? Having an answer to that question in your head is a great way to avoid starting one for the wrong reasons. If you are looking for personal freedom, a new business is probably not the best means of achieving that. 

2. What are your skills? Most businesses start small, with one owner wearing a lot of hats to keep things going. What abilities do you have and what services can you offer the business or the industry itself? Having an understanding of what you can and can't do from the beginning is crucial in setting expectations. This leads into the next question.

3. Have you built your team? It is difficult for any one person to run the show on their own so whether you are bringing people on board as your support staff or just consulting an outside group of experts such as an accountant or an attorney, having a solid team that you know can do the things you can't is essential to avoiding failure. Look at who you know and go from there. If you are trying to do everything on your own, then you are not going to accomplish anything.

For more on "The Top Five Things You Should Know Before Starting a Business", see the full video that business attorney John Mashni did with host Julie Holton on a recent episode of Expert Connexions: December 20, 2021.

This video is for general information purposes only and IS NOT LEGAL ADVICE. If you seek legal counsel or need help in determining how this information applies to a specific situation, contact a Foster Swift business & tax law attorney before taking any action.

Categories: Did you Know?, Entity Planning, Entity Selection, Organization & Planning, Startup