The History of Positively Ballroom, LLC – Chapter 3
Did you know?
1) There are almost 28 million small businesses in the US and over 22 million are self-employed with no additional payroll or employees (these are called non-employers)
2) Over 50% of the working population (120 million individuals) works in a small business
3) 19.4 million non-employer businesses are a sole proprietorship, 1.6 million are partnerships and 1.4 million are corporations
Many people who end up going into business for themselves have not always planned to do so. Most people start out by doing something they love, like cooking. They prepare food for local church functions or some other type of non-revenue generating event. Someone tastes the food and inquiries about who prepared it. Then the idea is voice – “Would you consider catering?” and the person has their first client and a new business is born.
Due to the nature of how one may end up starting a business, it not surprising that many do not perform the proper due diligence needed to make their business legitimate. Many industries now require service providers to adhere to certain codes to protect both provider and client. This may require the provider to take certification classes, which may seem unnecessary to new business owners. However these certifications are designed to provide the general public with a sense of trust that the business owner understands and operates in the same way as other businesses in the same industry.
There are a number of resources for those looking to start a business. Check out your local Community College or The US Small Business Administration (SBA) for fantastic resource available to those wanting to start their own businesses.
Small Business owners should investigate forming a Legal Liability Company, or LLC to protect their personal assets. Insurance, and in some industries becoming “bonded“, should also be investigated to help legitimize your specific business. Search Google using the phase “compare LLC to sole proprietorship” to receive a ton of fantastic references on business structure.
I already knew from previous experience that I want to do something to help protect my personal assets. I met with a lawyer to form a LLC for my business, bought my liability insurance and was ready to go… or so I thought. Something was missing… ah, yes… clients!
Check out Chapter 4 to see the next step in the History of Positively Ballroom.