From Accident To Entrepreneurship
From our friends at Bachus Brom & Taylor LLC, we are thrilled to share this article in hopes that it is a benefit to you.
For those that have suffered a personal injury, recovery is physical, financial, and emotional. Once the negligent parties are held accountable and you receive a settlement, those funds are distributed to cover your bills. While many people find their settlements only cover medical debt, there are still more that find themselves with left over money to be used as they see fit. This can include starting a business. As a car accident lawyer can share, many personal injury victims turn their accidents into opportunities through entrepreneurship.
Financial Reset After An Injury
Injury settlements provide peace of mind following the instability of a surprise accident. These settlements cover lost wages, medical bills, and lifestyle changes needed after the injury. Once all these immediate, important needs are covered, leftover funds can be used for whatever the injured party wants. As our friends at Cohen & Cohen would advise, you should consult with financial advisors to determine how to best use these funds. If you have always wanted to start your own business, this can be a great way to do so. However, an advisor will help you understand the pros and cons of doing so as well as how to balance long-term securities such as savings and insurance with the investment of a new business venture.
From Settlement to Startup
Injury accidents are terrifying because they come out of nowhere. One minute you might be driving down the road and the next you have a severe spinal cord injury. That sort of surprise can knock you off balance and make it feel as though everything is uncertain and out of control. Using your settlement funds to create a company can help provide purpose, direction, and restore your sense of control as you decide what to do with your funds. You might consider starting an online business, or creating products based off your own recovery process, or you might even use your injury for an advocacy-based business such as consulting. Turning this negative into a positive can be life-changing as entrepreneurship can become a second chance to reclaim independence lost in the accident.
Going through recovery requires patience, persistence, and resilience. All of these are great qualities that business people possess. This makes it a fairly easy transition from recovering injured party to business owner.
Legal Foundations
Working with a personal injury attorney after an accident is paramount to ensure that your rights are protected and negligent parties are held accountable. Your lawyer will work hard to get the compensation you deserve, which may or may not include enough funds to start your dream business. They can also guide you on who to contact to help advise you on the best route to protect your settlement for the future while still getting what you want. An advisor can then guide you on how to choose the right business entity, what taxes will look like with the business and the settlement, and they can even advise you on how structured settlements can be used to support business cash flow.
Although a personal injury may mark a painful chapter, it can also open the door to entrepreneurship opportunities that lead to a renewed purpose. If you have been injured, contact an injury attorney to pursue a settlement against the negligent parties. If you have received a settlement, find a business attorney near you to determine how to invest your funds and start the company of your dreams.
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