Chapter 1: Understanding Your Independent Consulting Business's Risks
Over 70 percent of U.S. businesses are owned and operated by sole proprietors or sole traders, according to the U.S. Small Business Administration's article, "Sole Proprietorship — Is this Popular Business Structure Right for You? " And according to the 2010 Census, the U.S. was home to 10.1 million self-employed workers — a number that continues to rise each year.
More than 70% of U.S. businesses are sole proprietorships.
For many, the freedom of being one's own boss far outweighs the risks of independent consulting. However, if your consulting business is going to flourish, you have to plan for the pitfalls that may come along, including potential liability lawsuits and property damage. Plus, being an independent contractor or sole proprietor opens you up to other challenges.
In 2010, 10.1 million Americans were self-employed.
In this chapter, you'll learn about business risk and how to identify potential threats to your consulting business. Keep reading to learn more.
Next: Part 1: What Is Business Risk?