With Covid subsiding and life returning to normal, the small business sector is slowly but surely reopening and beginning to once again thrive. While there is optimism surrounding reopening endeavors, large gatherings, full capacities, and complete service offerings, the next six to twelve months present no shortage of challenges. From business model restructuring to hiring to inflation, small business leaders have plenty to navigate in the short-term in order to succeed in the long-term. 

Most people are accustomed to and know the importance of planning for the proverbial future, but there are very few matters people want to avoid more than planning for a future that does not include themselves. Such is the quandary of estate planning. Despite how unnerving it may be, thoughtful estate planning is critical for most, and, quite frankly, should be a priority for everybody. 

When it comes to estate planning, it is easy to get caught up in the required paperwork, who will make what decisions, and how your personal effects will be handled upon your death. All of these things are important, but sometimes the focus is so heavy on these items of necessity that little thought is given to what is actually being left behind. Most people give far less thought to how they will actually be remembered once their gone. From family to business to community, the legacy one will leave generally comprises a great deal, and is perhaps worth even more than an estate plan.

The United States Patent and Trademark Office (USPTO) defines a patent as a right to “exclude others from inventing, using, offering for sale, or selling a particular invention.” As well, the institution defines a trademark as a “word, name, symbol, or device used in the trade of goods to indicate the source of the goods and to distinguish them from the goods of others.” For the novel or otherwise uninformed entrepreneur, the thought of utilizing a federal agency to secure a patent grant or trademark registration may seem daunting or perhaps even unnecessary. Official documentation may sound nice, but when it comes to intellectual property, the investment of time, energy, and money begs the question, is it worth it? The answer is a resounding yes, for many important reasons.

The biggest challenge facing small businesses everywhere is the inability to assemble an adequate workforce. With the increased and extended federal benefits–however necessary they may have seemed–folks received with the shutdown, the incentive to return to work just isn’t palpable. Many small business leaders are struggling to operate at full capacity or provide full-service offerings because of the hiring challenge. According to MarketWatch, as recent as the week ending June 19, initial jobless claims fell by just 7,000 to 411,000, and this was after jobless claims rose by nearly the same amount the previous week. These numbers were far worse than the projections.

All great business start with a great foundation.