New EntrepreneursNew entrepreneurs aren’t just “gig workers” that we’ve been seeing for the past few years. Rather than just sign up to drive for Lyft or other online platforms to supplement their incomes, they are creating connections and relationships with their customers that can carry them through the pandemic and into 2021 and beyond. Many new entrepreneurs are not looking at their work as a “side hustle.” These are permanent shifts for them, often becoming their primary source of income.

This week, the Wall Street Journal had a good article on these new entrepreneurs. Kim Mackrael summed it up nicely at the start of her article,

The coronavirus destroyed jobs. It also created entrepreneurs. To adapt to the pandemic and the job loss it unleashed, more Americans are becoming their own bosses, setting up tiny businesses to work as traveling hair stylists, in-home personal trainers, boutique mask designers and chefs.

It’s Easier Than Before

For many new entrepreneurs, they are finding that it is easier than ever before to start a business. You can use social media to market your business. You can get a website up, with an e-commerce component, in near-record time. And if you don’t want to do all of that, you can even leverage existing sites like Amazon, Etsy, and Shopify to help sell your products.

Many new entrepreneurs also have access to capital that they didn’t before. The WSJ article points to people who were able to use their unemployment and stimulus funds to help get their new businesses off the ground. In past economies, that capital wasn’t always easily available.

There Are Challenges

Although it may be easier than ever before to start a business, there are still plenty of challenges. Starting a business often means no access to employer-provided health insurance, workers’ compensation, paid sick leave, and unemployment insurance. When your company gets up and going and grows, it can take care of these benefits. But as you start out, they may not be possible.

How to Face Those Challenges

I’ve been a big proponent for years of the importance of having a professional team around you. Accountants, financial advisors, lawyers, we’re all here to help get your business off the ground. Throw in some marketing and technology professionals, and you’ll be off and running before you know it.

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Next Steps

If you are thinking of starting a business or already started your business and want to make sure your legal documents are in order, give me a call and we can sit down to discuss the process and what documents would be best tailored for your company – (877) AMAYERS.

Andrew Ayers
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I work with business and estate planning clients to craft legal solutions to protect their legacies.
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