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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.

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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.

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Brian K. Stanley
Of Counsel

Attorney Brian K. Stanley has more than thirty years' experience practicing corporate and business law. Brian also worked for Sandra Day O'Connor in 1976-1977; Formerly with the Phoenix firm of Jones, Hunter & Lerch as of the dissolution of that firm in 1979. (Also Member, Law Office of Brian K. Stanley, PLLC).

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Janae Ashley Perry-Meier
Associate

Janae Perry-Meier is a business and commercial law attorney focusing on international business. Janae handles both transactional and litigation matters, including: forming your business, drafting your contracts, franchising, business disputes, business divorce, mergers and acquisitions, private placements, securities compliance, and corporate governance. Janae also handles trademark registration, office action responses, and infringement cases.

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Michael David Malin
Associate

Michael Malin has been a practicing attorney in Arizona since 2013. He has represented clients through all stages of litigation. Prior to joining the firm, Michael litigated cases involving professional negligence, insurance bad faith, dram shop liability, personal injury and wrongful death, Indian law, probate, and criminal matters. Before attending law school, he worked for several startup companies in the then-nascent field of smartphone and tablet application development.

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Natalia Beard-Artemieva
Attorney

Natalia (Natasha) Beard-Artemieva has been a practicing attorney in Arizona since 2014.

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