Wednesday, January 17th 2024, 10:11 am
Maybe you've been thinking about starting your own business for a long time, and now this is the year for you. It's an idea that local attorney Lashandra Peoples-Johnson hears a lot from clients. She joined us to share what you really need to know to make sure you're ready.
"It's three core benefits that I hear over and over and over. First is flexibility. When you start your own business, then you have the flexibility over your schedule. And you're ultimately able to design a business around your ideal lifestyle. Control. People love control. They want to be in control of the work they do and how they do it. And then also just the love and passion. People want to do work around the things they love, and they want to get paid for their own skills and interests," Peoples-Johnson said.
"So the first and I would say most important thing is a business plan. A business plan ensures that you think of every step of your business. It's long, and it's tedious. And it's a lot of work. But it is essential to a profitable business. It goes through things like your target audience, you can do a market analysis, analyze your competitors, and think about sales, and also other things such as that," Peoples-Johnson explained.
"So one big thing is to make sure that you have everything in writing. So to have a representation agreement, if you're doing any kind of services, and then contracts if you're providing services and agreements. Having that in writing really helps to make sure that your rights and all of your interests are really protected. And then you want to make sure that you stay up to date on your insurance. If anything does happen, a lot of times your insurance does cover it. And so make sure that you have that malpractice or that liability insurance in place at all times," Peoples-Johnson said.
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