Felons should finish their prison term successfully and choose a new career path by developing new skills and professional qualification which comes handy into setting up their own business. All felons however may not want to apply for jobs upon their release.
This article addresses the following points whether felons can set up their own business:
- What do you understand by Business?
- Business Opportunity for Felons
- Felons operate a franchise
- Strategies to start a business
- Strategies to get a business license
- Support for felons to own a business of their choice
What Do You Understand By Business?
1 Business means a collection of activities to produce or sell either goods or services.
2 Certain businesses are nonprofit and others generate profits.
3 A common business structure is a sole proprietorship. Felons can also operate a business in partnerships or collaborations.
4 Felons can also set up a corporation of their own. A limited liability company (LLC) is also another option for setting up a firm.
Business Opportunity for Felons
The business opportunity is a good way to begin leading an honest and dignified life for felons. There are no specific laws that prevent felons from owning their own business. Seeking a business license becomes a challenge and gets affected by a criminal record.
Past criminal records prevent loyal and reliable customers from getting attracted to the business. Vendors and suppliers who serve as the backbone of the business are also difficult to develop. An opportunity for felons to become a dealer of auto spare parts, spare parts for mobile phones, or run a grocery store to earn a genuine living. Felons face a challenge to ensure their business so that customers are protected.
This happens because of a previous conviction. Felons must however research different factors which can help them build a profitable business. They can contact an attorney seeking relevant advice to set up a new business venture.
Felons Operating a Franchise
1 Felons can gather funds to buy a franchise for a store or a restaurant.
2 They can purchase this business from a specific company.
3 Felons can purchase a franchisee such as Starbucks Coffee or McDonald’s by collecting relevant funds from proper resources.
4 The franchise can also deal with dealerships of spare parts and mobile phones.
5 Felons should have a good credit record and relevant business knowledge before they purchase a franchise for setting up a new business venture.
6 A good credit score gets affected with a criminal background check before the purchase deal for the franchisee is signed.
7 Some cities in the US permit felons to obtain a specific certificate that relieves them from disabilities.
A document from the court acts as a valid grant to seek a business license for setting up a franchisee. It is important to have a valid business license to run a profitable business without any hassles or potential risks. The certificate of relief assists felons to get a clean record from criminal convictions which allows building a profitable business in the long run.
Credit rating dips because of financial losses and financial debts felons have. Felons face problems while seeking financial support for buying a franchisee because of their low credit score. Honesty and integrity play an important role in shaping a felon’s character for business in the future.
Strategies to Start a Business
Many businesses start every year; 99.7% of businesses are small businesses in the US. About 2/3rd of newly setup businesses end in 2 years and rest survive for 5 years. Felons must choose the correct business strategies to set up a profitable business. It is a beneficial idea to select a business with prior experience.
To set up, successful business-relevant skills and knowledge play a critical role. For eg. A felon who has prior experience in the construction industry can set up a remodeling business. This proves as a profitable business venture shortly. Relevant skills and experience get acquired through training and on-the-job experience in construction.
Setting up a business without prior knowledge or experience can lead to losses. A well-researched business gives profitable results if all resources get used judiciously. The location of the business also plays a critical role in making it profitable since a relevant target audience gets attracted to the business.
Relevant promotions and advertising also help businesses for felons to flourish. The ownership in the business is also critical for deciding the succession plan for the business.
Strategies to Get a Business License
Many businesses require relevant commissions to seek a permit from federal and state agencies. The business license depends on the nature of business, location, and laws in that state. Businesses such as agriculture, alcohol, and firearms require a federal license. Other businesses such as retail operations, restaurants, construction, etc. require a state license.
Felons must contact to understand basic requirements for acquiring the relevant business license from the state he resides in. several reasons are important to issue a business life
- A business license is a business identification for your business
- Ensures public health and safety gets protected
- A valid document to maintain finances and tax purposes.
It is important to seek a legit business license and protect your business from any penalty. Any severe penalties lead to business closure. A felon cannot own a business in financial services if he holds a criminal history in financial crime.
Support for Felons to Own a Business of Their Choice
Families of felons provide emotional and financial support to felons for setting up a business. Honesty and commitment to achieve something through a profitable business are essential. Everyone cannot build a profitable business.
Felons require the necessary skills, knowledge, experience in business to set up a profitable business. Felons who desire to set up a business of their own require a clean record of a felony. This ensures clients, customers, and business partners get attracted to the business.
Families and friends must encourage felons top to achieve profitable business results and lead their lives with honesty, integrity, and dignity.
Felons require prior business knowledge and financial support to set up a business that earns substantial revenue. Felons must acquire a legit business license to set up and run a business. They can either set up a new business or purchase a franchise to earn an honest living. Business licenses also acts as identification and become accountable for your business.