Now You're In Business!

Ross also reminds clients that the loss of a regular paycheck isn’t the only financial implication of starting a new business. Most companies pay at least part of their employees’ health insurance and other benefits; when you go into business for yourself, you won’t have the luxury of having an employer to absorb such expenses. As a new business owner, you will either have to pay for your own benefits or give them up entirely. If your spouse works outside the confines of your new business, you may consider adding yourself to his or her health insurance, depending on open enrollment restrictions and availability.

It’s also necessary to give serious thought to the physical location of the new business at the early stages of the planning process. Some businesses can operate very effectively as home-based businesses, while others will require the lease or purchase of commercial real estate.

If your new business will function primarily as an internet-based enterprise, it makes sense to consider starting with a home office. Many consulting businesses also work well in a home-based environment. However, businesses that require face-to-face contact with customers or clients, such as a traditional retailers, restaurants or law practices, will require a physical location.