The entrepreneurial spirit has long been praised throughout American history.
Ours is a society which prides itself on invention, innovation and expansion.
As a result, many people of all ages find themselves itching to start
their own businesses. Becoming a small business owner or otherwise becoming
deeply involved in American business is often a noble and worthy goal.
However, it is important to think ahead before diving into a new business
venture for a multitude of reasons.
Chief among these reasons why you need to prepare before starting a business
is that without a proper business plan and stable investors, you may find
yourself quickly up to your eyeballs in debt. It is very normal for business
owners to begin their ventures in debt. But if a business’s debt
load mounts too quickly, owners may quickly find themselves compelled
to file for
There is ordinarily no shame that should be associated with business bankruptcy,
unless one files for its protections fraudulently. Many businesses end
up opting to file for business bankruptcy in order to reconstruct their
debt during hard times in order to flourish later on. However, business
bankruptcy can be a stressful process and should generally be avoided
whenever it is possible and prudent to do so.
Bankruptcy attorneys are excellent resources that businesses use when they
have fallen on hard times. But they are also excellent resources for business
owners seeking to avoid bankruptcy. These professionals understand what
kinds of missteps business owners make with their debt loads and other
issues which ultimately inspire them to file for bankruptcy. So, if you
have any questions about either how to file for business bankruptcy or
how to avoid it, do not hesitate to reach out to an attorney with your concerns.
Source: Forbes, “
Starting A Business Without Debt: An Interview With Chris Hogan,” Amy Morin, March 3, 2014