Three challenges of small business ownership

2018-07-31T13:15:15+00:00February 2nd, 2015|

Small business issues for solo lawyersbusiness issues for solo lawyers

Being a small business owner is a demanding task, especially during the first years of your start-up’s existence. Small business owners must fire in many directions at once to ensure that they generate enough revenue to cover business costs. No small business owner will ever state that they are 100 percent satisfied with how things are going, but a little awareness and advance planning can go a long way.

Below are three main small business issues for solo lawyers to consider as they launch or grow their law practices. With a little preparation and education, these issues do not have to get in the way of starting or growing a successful business.

Generating revenue
Revenue generation is the primary concern for small businesses, regardless of sector. Its importance can become even more significant if the industry in which the startup operates is lagging. Conversely, current trends can lead to additional revenue opportunities. For example, President Obama’s recent executive order to provide illegal immigrants with deportation relief and work permits could boost the revenues of law firms specializing in immigration cases.

Taxes and regulations
The latest financial crisis led the federal government to overhaul its tax system. Companies saw their tax liabilities increase over the past few years and were thus forced to make the necessary adjustments to maintain their competitiveness. To learn more about the taxes that apply to small businesses, visit the Small Business Administration’s resource page.

Health care reform
The challenges of health care reform haven’t been explicitly observed yet because the employer coverage mandate has been delayed until 2015, but small businesses have already begun to measure its impact on their operating costs. The SBA is offering a series of webinars in January and February to educate small business owners on their responsibilities and options surrounding health care reform.

Despite all the challenges that start-ups face after their creation, they have the opportunity to use a variety of tools to ensure their survival and growth. Small business owners must make sure that their company is well-organized and capable to quickly adapt to the changes occurring in their business environment.

Please contact us for more information on the resources we provide to solo lawyers and small firms. Our suites, office space and co-working spaces can provide you with an affordable and flexible solution as you launch or grow your solo law practice.