The decision to exit a business is never easy, as most business owners have invested considerable time, money and sweat equity into trying to make their operation successful. However, the reality is that sometimes things just don't work out, or the business owner simply can't do it anymore.
Ask any small business owner about their schedule on any given day of the week and chances are good they'll tell you they're swamped. Indeed, there's always inventory to check, books to balance, delivery schedules to keep and cash registers to operate.
Now that Tax Day 2017 is officially in the rearview mirror, it's understandable if people want to take a bit of a break from this subject. After all, they might have had to race to complete their forms, race to their accountant's office and race to the post office to get their returns mailed on time.
As we've discussed in previous posts, once an entrepreneur has laid the foundation for their new operation -- selecting an entity, drafting a business plan, hiring employees, etc. -- there is still a significant amount of work that needs to be completed. For example, office or commercial space will need to be found, and new business equipment secured.
It's understandable why people in certain regions of the nation would prefer to avoid any and all discussions concerning the Great Recession, which took an incredible toll on not just homeowners, but employers and employees alike. However, the chances of encountering such reticence are considerably less here in Tennessee, which not only weathered the economic storm remarkably well, but has since seen considerable growth.
While most people think the initial issue that all budding entrepreneurs must decide is the selection of a business entity, meaning whether they wish to organize as a sole proprietorship, corporation or limited liability country, this is not actually the case.
Last week, we began discussing how budding -- or perhaps even accidental -- entrepreneurs may want to consider organizing as a sole proprietorship, one of the most popular business structures.
It's a story that has become increasingly common thanks to the proliferation of social media platforms. A person makes a particular item purely for fun, posts some images on their Facebook account and it suddenly generates hundreds -- if not thousands -- of likes. From there, they decide to start offering their crafty item for sale on the Internet, perhaps via e-commerce sites like Etsy, and start realizing a profit.