17.5.12

Our Own Small Business Experience

When my husband first wanted to open his own law firm, family members discouraged him. They realized the possibility of the a small business not succeeding, us struggling to meet our financial needs and finding appropriate insurance. Listening to them, we were momentarily dissuaded from attempting this venture, but eventually we decided to follow my husband's dream and go for it!

One of the first things we researched before opening his business was self employed insurance. We were afraid we would be paying a bundle as a small business, but we found options that work for our family without breaking the bank. This was such a relief!

Despite our initial worries, the law firm actually had a decent first year. Then, our next stress came around: small business tax. As it turns out, there are many ways to save money and many different deductions a small business can take. There are many hidden deductions you wouldn't normally even think of, such as buying a new computer for the office. Luckily, our tax advisor helped us greatly during this time.

My husband's business is named after himself, though many small businesses use a DBA. What is a dba? It means "doing business as", which is a fictitious name chosen for your business. Although we do not use a DBA, there are many benefits for doing so. In some instances, they are required!

Are you looking to open a small business in the near future? There are two facts of which I am certain when looking to open a small business. The first is to do your research! Educate yourself and do not rush into anything. The second is to ask for help. There are professionals who know all about opening a small business and what it entails, so use this to your advantage. These two suggestions are the ones we took when first starting out and we greatly benefited from them.

3 comments:

QueenB said...

its ALWAYS best to research things. especially with a business- your reputation can be on the line!! great tips, thank you!

Mimi B said...

We had a small business, in fact my ex still runs it and insurance was a big part of figuring out what we were going to do. I always stayed away from the tax stuff. lol

Tree said...

That small business stuff always scares me too, but I would love to have a catering company with the hubby some day.

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