Small Business Story: Aaron Law Firm Describes Advantages and Disadvantages of Owning a Small Business

The CoverWallet Small Business Scholarship encourages entrepreneurship in students by asking them to take on the perspective of a local small business owner. Students share their perspective on the opportunities and challenges faced by a business in their community.

Student: Jackson Aaron, SUNY Plattsburgh

Small Business: Aaron Law Firm

Aaron Law Firm

A local business has always been at the forefront in my life. Since a young age, my father has owned his Law Firm. He has been in practice since the early 2000s since earning his Doctorate in Law in 1997. He handles mainly criminal defense work, but he also does Wills/POA’s, small business law, and typical lawsuit works. I have seen him struggle and strive while being at the helm. Being a small business owner has its perks. He makes his hours, decides how much he gets paid, and receives different tax exemptions because of it. He also works with other small businesses around our community providing legal work like contracts, incorporation, or even litigation. Along with being a part of the Alabaster Industrial Development Board, he uses his small business status to not only benefit and promote himself but other small businesses as well as our city.

While my father has seen a significant amount of success, there has been a string of growing grievances that come with owning a small business. Not only is owning a small business costly to your finances but combining that burden on your budget while law school loans have cost my dad the leeway of having a healthy savings fund. At times, it seems our family lives paycheck to paycheck or end up paying late fees on some bills. This is also due to the nature of his line of works. Since my father does criminal defense work, his payment is not always guaranteed. His clients struggle to pay him for legal fees. Because the criminal system requires payments not only to your lawyer but bond companies, court costs, and even tickets resulting from their arrest or offense. This affects how my father handles his practice being cautious with which cases he takes when hiring an assistant, and deciding on how to promote his business. Both his success and hardships while owning his small business have made me cautious about starting my own. Making sure that you differentiate your financing from your companies is a major concern for anyone wanting to start their own business. In addition to setting aside funds for investing into your business to further develop it. The rewards of owning a small business are substantial if you are successful within your industry. However, if you are not careful, it could cost your savings, financial security, and the choice of how you invest your money.