Why Should You Start A New Business? Let’s Count The Reasons!
Daydreaming about entrepreneurship is one thing, but following the steps to establish a business is another. Operating your own business means working around the clock without any certainty of getting paid. When you are determined to bring your entrepreneurship dream to fruition, however, it is completely worth all the hard work. Your family and friends might tell you that you are launching your own business for all the wrong reasons, especially if they have had the all too common experience of establishing a business venture, only for the company to close within five years without ever having become profitable. From a legal standpoint, what matters is how you do it, not why you do it. A Washington DC small business lawyer can help you comply with the legal requirements of establishing a business entity and beginning business operations in Maryland or the District of Columbia.
Most Common Reasons That Marylanders Start Businesses
In 2020, the U.S. Census Bureau conducted a survey of small business owners. One of the questions was about their motivation for establishing their own company. These were the most common reasons the survey respondents cited:
- Work-life balance and flexible hours
- Following in the footsteps of a family member or friend who started a business
- Lack of other opportunities to earn income
- Opportunities to innovate
The survey responses varied from one state to another and from one region to another. In the Baltimore metropolitan area, the desire for work-life balance was the most common reason that people cited for choosing entrepreneurship over salaried jobs. This was also the most commonly cited reason in Washington, D.C. and its Virginia suburbs. When you consider the states of Maryland and Virginia as a whole, however, the most popular reason for entrepreneurship was that business owners considered it a better avenue for new ideas.
The trends of the D.C. area are not generalizable on a national scale, though. In every state of which the Mississippi River forms the western border, the desire to emulate or accompany family and friends in entrepreneurship was the most widely cited reason for establishing a business. Entrepreneurs in most of the states in the Mountain time zone, as well as in Arkansas, Oklahoma, and the Carolinas, work-life balance was a top priority. Business owners in New York and Delaware cited lack of employment opportunities as their main motivation for entrepreneurship.
Whatever your reasons for starting a business, minor mistakes in the process of establishing and registering your business entity can easily tank the project before it even gets off the ground. The best way to avoid costly mistakes while getting your new business venture started is to work with a small business attorney.
Let Us Help You Today
A small business attorney can help you avoid mistakes when establishing a business entity, whether your goal is to be your own boss or to make more money than you do at your current job. Contact Tobin, O’Connor & Ewing for help.