What holds people back from small business formation?

Many Illinois residents dream of owning their own business and being their own boss. However, only a percentage of those who dream about it actually take the risk of small business formation. According to a recent survey, the top two reasons why many people feel they cannot start their own business are a lack of money and not knowing where to begin.

People are also afraid of failure. Starting a new business is a risky venture, and not all small businesses work out. On the other hand, many of them do. Several issues need to be resolved before the proverbial doors can even open. Without a solid plan on how to accomplish getting to day one, the fear of failing may come true.

Planning, organization and patience are required to start a business. Without a business plan, important issues could slip through the cracks, which could sabotage the business before it even begins. Further, a business plan can help in acquiring the funding necessary to start a business.

A plethora of business and legal decisions need to be made in order to formulate a comprehensive business plan. Illinois residents interested in small business formation may find that there is a lot of information online about those issues and how to deal with them. In some cases, it can be overwhelming. It may be beneficial to seek the advice and assistance of someone who understands the laws and can help identify the relevant business issues, depending on the type of business an individual wants to start. Doing things right from the beginning can give a business the best chance possible for success.

Source: USA Today, "For some, starting a business is scarier than skydiving", Rhonda Abrams, April 25, 2014

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