For the low-risk entrepreneur, here are a few tips

On some level, however minute, most people want to run their own business. That desire might be there, but the percentage of people who actually explore that desire is relatively low. This is understandable — starting your own business is a scary, albeit exciting, experience. So for those who are on the fence about starting their own business: what can be done to help you not only take the plunge, but also succeed?

The easiest answer to that question is to minimize your risk when starting a business, and one of the most effective ways to do that is to bring in some legal help for your business. Having an experienced business attorney in your corner could help you avoid major financial mistakes and legal errors, let alone give you an advisor who could tip you wise to the business world.

Another way to minimize your risk is to leverage the web. That’s a fairly cliched phrase nowadays, as the internet has basically encapsulated the business world. However, having an online presence as opposed to a physical store can really ease your financial burden. It reduces overhead; it can cut back on the employees you need; and it can make things easier in general.

Last but not least, you need to decide if you are going to be selling a good or a service. Selling goods means you need to restock your supplies all the time, and that can prove costly. If you provide a service though, you offer your time and skills to customers.

Source: USA Today, “Minimizing risk when starting a small business,” Steve Strauss, Feb. 17, 2014

FindLaw Network