Search Site
Menu
Office Location :  3200 North Central Avenue, Suite 2500, Phoenix, Arizona 85012
We are open and ready to serve you.
We offer video, phone and email consultations. Litigation and transactions work can be done remotely. You never need to come to the office.
Click Here to Learn More on Covid-19, Contracts and Defenses
Free Case Intake and Evaluation 866-696-2033
The Pros and Cons Of Starting Your Own Business, Part 1

Part 1: Pros To Starting Your Own Business

Starting a business can be a meaningful and validating step toward self-actualization. There are countless reasons why a person may want to start their own business: Maybe it’s the culmination of a lifelong dream. Perhaps an entrepreneur has been encouraged by family and friends to bring a particularly innovative product or family recipe to market. Or maybe they’ve simply spent years working for others and are looking to create something of their own.

“Starting a business isn’t a decision to be taken lightly.”

Regardless of the reason, starting a business isn’t a decision to be taken lightly. New businesses are costly, time-consuming and often struggle for years before they see a profit. Then again, there can be plenty of positives to owning your own enterprise. In part one of our two part series, we will detail the pros of starting a new business.

Independence

The biggest and most commonly cited reason that many go into business for themselves is to have the opportunity to be their own boss. This can be emotionally validating, contributing to an overall sense of pride in the work being done that often doesn’t come easy when a person is simply putting in time and collecting a paycheck.

Employment

The stomach-churning rollercoaster that is the employment economy has led to many deciding to simply get off the ride. Going into business for yourself means, on a basic level, you will have a job, and ideally one where you are using your personal skills to their full potential. It may not be the highest paying job and it may be exhausting, but it is steady work and only you can say when it’s time to move on.

Flexibility

Does a more traditional 9-to-5 job not work with your unique schedule? Starting your own business allows you to set your own schedule and not have to slavishly observe office hours. This makes it a potentially ideal solution for parents of children or with other time commitments.

Windfall

When your business is a success, every penny of the profits filters back to you rather than a boss or corporate shareholder. The possibility of earning more money than if you were employed by someone else makes the prospect of opening up shop on your own very attractive for many

Stimulating the local economy

America was founded on the spirit of entrepreneurs looking to create something for themselves, and local businesses are still a cornerstone of our economy. Opening your own shop generates tax revenue, creates jobs and gives consumers more competitive choices when it comes to products and services.

An asset of your own

Beyond being a source of employment for you, the business owner, starting an enterprise functions as an asset if the business proves profitable. It can be sold or franchised to be a source of income when you are no longer interested in operating it yourself, or ownership transferred to your children or family after your death.

An experienced business attorney can help. The Law Offices of Donald W. Hudspeth, P.C. practices only business law. It does not do anything else. The firm has helped countless entrepreneurs set up and structure their new businesses.

We have a “Start Up Packet” of helpful information, advice and articles on starting, buying and operating your business. Call us today to learn more.

Call 602-265-7997 or contact is available 24/7 through Chat Room on this website.

Leave a Reply

Your email address will not be published. Required fields are marked *

What others are saying about us
  • "I would recommend Mr. Hudspeth unequivocally. Not only is he an outstanding business attorney, he also provided me with access to a divorce attorney. Thanks to his skill, and resources available outside the Phoenix law family, I was successful in challenging a “family law” mediation that was particularly and grossly unfair." - Chandler, Arizona Private Individual

  • "Thank you for the work you have done in creating these documents. It is always a pleasure dealing with this firm!" - J. P.

  • "An excellent response. Masterfully prepared. Thank you." - El Paso, Texas Real Estate Investor

  • "Glad about meeting with Don. Felt so much better, better than in 15 years. Really appreciated the conversation." - RH, Phoenix Manufacturing Company

Donald W. Hudspeth Attorney Photo
Donald W. Hudspeth
Principal Attorney

Attorney Donald W. Hudspeth has more than twenty years’ experience practicing corporate and business law. Before attending law school, Mr. Hudspeth held a stock brokers license at the age of 21 and owned his own business at the age of 23. He was a business law professor at Arizona State University, West Campus, and has conducted classes and seminars for a number of higher institutions and organizations. Mr. Hudspeth has published two books on law and is the founder of the radio programs Law on the Edge and Law Talk.

Robert J. McGee Attorney Photo
Robert J. McGee
Associate Attorney

Robert J. McGee is an Arizona native who has been practicing law since 2014. Robert’s primary experience is with all aspects of intellectual property – trademarks, copyrights, trade secrets, and patents. Robert has substantial additional experience with cyberlaw. He is an avid collector of esoteric knowledge and always takes an interest in the details of how each client’s business works.

Mark S. Hamilton Attorney Photo
Mark S. Hamilton
Attorney

About Attorney Mark S. Hamilton has experience handling all aspects of civil and commercial litigation in federal, state, and tribal courts at the trial and appellate levels. Practice Areas Business litigation Commercial litigation Education University Of Hawaii Wm. S. Richardson School Of Law, Juris Doctor - 2002 University Of Hawaii, Master Of Arts In Asian…

  • Preeminent AV Rated
    Client Distinction Award
    Bar Register
    AV Rating
    The Arizona Republic
  • Newsweek
    Arizona Sate University
    Top Rated Lawyers
    Client Champion
    McAfee Secure
  • Lawyers Of Distinction
    2020 issue of AZ Business Leaders

Our firm now offers a scholarship program for ASU first and second year law students.

The scholarship is awarded to students for academic merit with an interest in business and business law. Candidates may have majored in fields other than business, have taken a break between college and law school, or have had exceptional life experiences.

Pay Your Bill Online

Use our easy-to-use and secure online payment feature to pay your bill. We accept all major credit cards.

Pay Your Bill

Contact us

Quick Contact Form