If you get into a crash, you won’t survive without an airbag. The same goes for your company.

In this economy, not having a succession plan in place could be the worst thing for your small business, your family, and yourself. In the event of your death or incapacitation, what’s going to soften the blow?

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My Legal Edge Column in SmartCEO

According to Small Business Trends, 77% of small business owners love what they do--describing themselves as either “very” or “extremely” happy about running a business.

Over the course of your lifetime, over 1/3 of your waking hours are spent at work. Why waste your time doing something you don’t enjoy? Don’t get me wrong—work is not always going to be fun. But if you have to work to survive, you shouldn’t have to drag yourself out of bed for a job you dread. 

Names are important. Think about it—having a name helps to define you as a human being. You may not realize it, but in the business world, the name of your company is just as significant. In fact, there’s proof that the name of your new business can make or break its success.

Consider the example of Minnesota Mining and Manufacturing Co.: a name that is robotic, dull, long—and forgettable. In 1902, the founders renamed the company “3M”—short and simple, but memorable. Today, the “3M” trademark is recognizable on Post-It notes, Scotch tape, and band-aids.

Don’t just think about starting your own business--actually do it!

My book, How to Build a Business and Sell it for Millions, is based on one fundamental affirmation: there is no better time than today to become your own boss.

You need to be realistic; not every business idea is cut out for the long haul. If you want your small business to be successful and last, it is essential that you research the current market trends. Ask yourself, will my business flourish in the current economy?